Answer: The amount of money in his account after 4 years = $7,658.73
Step-by-step explanation:
If interest is compounded annually, then formula to compute amount :
[tex]A=P(1+r)^n[/tex], where P+ principal value, r= rate of interest, n= time ( in years).
As per given,
P= $6700 , r = 3.4% =0.034, n =4
[tex]A=6700(1+0.034)^4\\\\=6700(1.034)^4\\\\=6700(1.14309455234)\approx7658.73[/tex]
Hence, the amount of money in his account after 4 years = $7,658.73
