Answer:
The amount will be "$3655.21".
Step-by-step explanation:
The given values are:
Principle,
P = $3000
Interest rate,
r = 10% i.e., 0.1
Number of times interest,
n = 4
Time,
t = 2 years
As we know,
⇒ [tex]A=P[1+\frac{r}{n} ]^{tn}[/tex]
On putting the values in the above formula, we get
⇒ [tex]=3000[1+\frac{0.1}{4} ]^{2\times 4}[/tex]
⇒ [tex]=3000[1+0.025]^8[/tex]
⇒ [tex]=3000\times 1.2184[/tex]
⇒ [tex]=3655.21[/tex] ($)
