Answer:
$3493.11
Step-by-step explanation:
The Total amount after a compound interest can be calculated using the formula:
[tex]T = P(1 + \frac{R}{100})^{n}[/tex]
where P is the amount of deposit, R is the rate of interest, n is the duration.
Hence by substituting the values, we get:
[tex]T = 2450(1 + \frac{3}{100})^{12}[/tex]
T = $3493.11 (nearest cent)
