Answer:
FV= $2,788.78
Step-by-step explanation:
Giving the following information:
Initial investment (PV)= $2,024
Interest rate (i)= 0.04/6= 0.0067
Number of periods (n)= 8*6= 48
To calculate the future value (FV), we need to use the following formula:
FV= PV*(1 + i)^n
FV= 2,024*(1.0067^48)
FV= $2,788.78
