Answer:
$4,955.30
Step-by-step explanation:
Using the formula A(t)= P(1+i)^t, we know:
A(t)-the total amount with interest earned
P-principal or initial deposit
i- interest rate in decimal form
t- time in years.
We substitute our values of P=4000, i=0.055 and t=4 to solve for A(t).
A(t)= 4000(1+0.055)^4
A(t)= 4000(1.055)^4
A(t)= 4000(1.23882)
A(t)=$4,955.30
