Answer:
≈$3478.4
Step-by-step explanation:
Using the compound interest formula:
[tex]A = P(1+\frac{r}{n})^{nt}[/tex]
A = Total
P = Principle
r = Interest Rate
n = No. of times applied in each time period
t = No. of periods
In this case,
P = 3400
r = 1.14% = 0.0114
n = 12 (months)
t = 2 (years)
Hence,
[tex]A = 3400(1+\frac{0.0115}{12})^{12*2}[/tex]
[tex]A = 3478.372836......[/tex]
A ≈ 3478.4 (nearest cent)
