Answer:
$357.77
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate
n = number of times compounded annually
t = time
Now lets plug in the values into the equation:
[tex]A=2,000(1+\frac{0.042}{1})^4[/tex]
[tex]A=2,357.77[/tex]
To find the interest earned, subtract 2,000 from 2,357.77
[tex]2,357.77-2,000=357.77[/tex]
Keith earned $357.77 in interest.
