Answer:
$2,323.2
Step-by-step explanation:
A = P(1 + r/n)^nt
Where,
A = future value = ?
P = present value = 2,000
r = interest rate = 5% = 0.05
n = number of periods = 12
t = time = 3 years
A = P(1 + r/n)^nt
= 2,000(1 + 0.05/12)^12*3
= 2,000( 1 + 0.00417)^36
= 2,000( 1.00417)^36
= 2,000(1.1616)
= 2,323.2
A = $2,323.2
