Answer:
$3599.57
Step-by-step explanation:
Using the compound interest formula Accrued Amount = P (1 + r)^t
where Accrued amount is to be determined
P = principal; $3200
r = 4% = 0.04
t = number of years = 3
Therefore
Accrued amount = 3200 (1 + 0.04)^3
= 3200 x 1.04^3
= 3200 x 1.1249
= 3599.57
The total amount after 3 years is $3599.57
