Answer:
$4,789.99
Step-by-step explanation:
Using the formula for calculating the compound interest
A = P(1+r)^t
P is the principal = $3500
r is the rate = 4% = 0.04
T is the time = 8 years
Substitute
A = 3500(1+0.04)^8
A = 3500(1.04)^8
A = 3500(1.3686)
A = 4,789.99
Hence the resulting balance is $4,789.99
