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If $3700 is invested at a rate of 2.4% that is compounded annually, how much will it be worth after 4 years?​

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abidemiokin

The amount the money will be worth in 4 years is $4072.41

Compound interest

The formula for calculating the compound interest is expressed as;

A = P(1+r/n)^nt

Given the following

P = $3700

rate r = 2.4% = 0.024

n =12

t = 4 years

Substitute

A = 3700(1+0.024/12)^12(4)
A = 3700(10.024/12)^48

A =  3700(1.10065)

A= 4072.41

Hence the amount the money will be worth in 4 years is $4072.41

Learn more on compound interest here: https://brainly.com/question/24924853

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