The amount after 2 years is $2,295.
Given that,
- The invested amount is $1,240.
- The rate of interest is 8%.
- The number of years is 2 × 4 = 8
Based on the above information, the amount after 2 years is
Future value = Present value ×(1 + rate of interest)^number of years
= $1,240 × (1 + 0.08)^8
= $1,240 × 1.08^8
= $2,295
Therefore we can conclude that the amount after 2 years is $2,295.
Learn more: brainly.com/question/18051939
I think the answer is 8.7332602....I hope I helped!
