Answer:
Option c.) $4427.62
Step-by-step explanation:
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
[tex]t=3\ years\\ P=\$4,000\\ r=3.4\%=3.4/100=0.034\\n=4[/tex]
substitute in the formula above
[tex]A=4,000(1+\frac{0.034}{4})^{4*3}[/tex]
[tex]A=4,000(1.0085)^{12}[/tex]
[tex]A=\$4,427.62[/tex]
