Answer:
Step-by-step explanation:
Use the Compound Amount equation: A = P(1+r/n)^(nt), where P is the original amount (principal), r is the interest rate as a decimal fraction, n is the number of compounding periods per year, and t is the number of years. Here we have:
A = ($2665.79)(1 + 0.048/4)^(4*11), or:
A = ($2665.79)(1.012)^44 = $4505.76.
Subtracting the principal amount from this result, we get:
$4505.76 - $2665.79 = $1839.97
This matches the third of the four given possible answers.
