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
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