Answer:
$20,962.35
Step-by-step explanation:
To solve for the amount of money the account of Florence will have, we use the formula:
[tex]FV=P[\dfrac{(1+r)^{n}-1}{r}][/tex]
Our available variables are:
P = 4000
n = 5
r = 2.35% or 0.0235
Now let's plug them into the formula.
[tex]FV=4000[\dfrac{(1+0.0235)^{5}-1}{0.0235}][/tex]
[tex]FV=4000[\dfrac{(1.0235)^{5}-1}{0.0235}][/tex]
[tex]FV=4000[5.2405876943550625][/tex]
[tex]FV=20962.35[/tex]
