Answer:
$2,297.76
Step-by-step explanation:
Present value: P = 2000
Future value: F
Annual interest rate: r = 3.5% = 0.035
Time: t = 4 years
Number of compounding periods per year: n = 2
[tex] F = P(1 + \dfrac{r}{n})^{nt} [/tex]
[tex] F = 2000(1 + \dfrac{0.035}{2})^{2 \times 4} [/tex]
[tex] F = 2000(1 + 0.0175)^{8} [/tex]
[tex] F = 2000(1.0175)^{8} [/tex]
[tex] F = 2000(1.148881783) [/tex]
[tex] F = 2297.76 [/tex]
Answer: $2,297.76
