Answer:
$4,508.64
Step-by-step explanation:
The compound interest formula can answer this for you.
A = P(1 +r/n)^(nt)
where A is the account balance, P is the principal invested (4000), r is the annual interest rate (.02), n is the number of times per year interest is compounded (4), and t is the number of years (6).
Putting the given values into the formula, doing the arithmetic tells us ...
A = $4000(1 +.02/4)^(4·6) = $4000·1.005^24 ≈ $4,508.64
There will be $4,508.64 in the account at the end of 6 years.
