Answer:
$5561.58
Step-by-step explanation:
The appropriate compound interest formula is ...
... A = P(1 +r/n)^(nt) . . . . . where P is the principal, r is the annual rate, n = the number of compoundings per year, t = the number of years
Filling in the given information, you have
... A = $4000×(1 +.03/12)^(12×11)
... = $4000×(1.0025^132)
... ≈ $5561.58
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Look at the description of the formula in your list of formulas to find the right one. Plug in the numbers and do the arithmetic. If you can't run your calculator, you can type the expression into a Google search box.
