Answer:
Approximately $4946
Step-by-step explanation:
The compound interest can be determined by:
Compound interest = P [tex](1 + r)^{T}[/tex]
Where: P is the principal, r is the rate and T is the number of years.
Given that: P = $1000, r = 4% and T = 34 years, then;
Compound interest = 1000 [tex](1 + \frac{4}{100}) ^{34}[/tex]
= 1000 [tex](1 + 0.04)^{34}[/tex]
= 1000 [tex](1.04)^{34}[/tex]
= 1000 x 3.79431
= 3794.31
Compound interest ≅ $3794
The amount that would be in the account = Principal + interest
= $1000 + $3794
≅ $4794
