Answer: $116.99
Step-by-step explanation:
By using compound interest formula which said:
A = P ( 1 + r/n )^(n×t)
P=Principal= 1000
r=rate=4/100
n=1
t= 4
Apply the above formula
A = P ( 1 + r/n )^(n×t)
A = 1000(1 + 0.04/1)^(1 × 4)
A= 100(1.04)^4
A= 100 × 1.17
A = 116.99
