Answer:
[tex]\$4453.52[/tex]
Step-by-step explanation:
Principal amount (P) = $3,000
Rate of interest (R) = 2.5%
Time period (T) = 4 years
Future value in 4 years = [tex]P(1+\frac{R}{100})^{4T}[/tex]
Put [tex]P=3000\,,\,R=2.5\,,\,T=4[/tex]
Therefore,
Future value in 4 years = [tex]3000(1+\frac{2.5}{100})^{4(4)}=3000(1.025)^{16}=\$4453.52[/tex]
