Answer:
3249.43
Step-by-step explanation:
The monthly compound interest can be determined from the following formula:
\(A=P*(1+r/n)^(n*t)\)
Where A is the final amount after interest, P is the intital amount invested, r is the interest rate, n is number of times interest is compounded per year, and t is the time in years.
We need to express rate as abn equivalent decimal number:
\(4/100=0.04\)
∴ \(A=3000*(1+0.04/12)^(12*2)=3249.43\)
