Answer:
$7272.18
Step-by-step explanation:
Principal, P = $4,000
Interest rate, r = 3% = 0.03
Period, t = 20 years
Number of times compounded in a year = 4
Amount , A = P( 1 + r/n)^tn
A = 4000( 1 + 0.03/4)^4*20
A = 4000( 1 + 0.0075) ^80
A =4000( 1.0075) ^80
A = 4000* 1.818
A = $7272.18
