Answer:
$4983.39
Step-by-step explanation:
We can use the formula for compound interest:
A = [tex]P(1 + r/n)^{(n)(t)}[/tex]
Where:
A = the final balance
P = the principal amount
r = the annual interest rate
n = the number of times interest is compounded per year
t = the number of years
In this case:
P = $4000
r = 2% = 0.02
n = 12
t = 11 years
A = [tex]4000(1 + 0.02/12)^{132}[/tex]
A ≈ $4983.39
So, the balance after 11 years is $4983.39.
