Answer
${{\$}} 1082.43$
Work Step by Step
THEOREM: Compound interest Formula (Section 6-7)
The amount $A$ after $t$ years due to a principal $P$ invested at an annual interest
rate $r,$ expressed as a decimal, compounded $n$ times per year is
$A=P\displaystyle \cdot\left(1+\frac{r}{n}\right)^{nt}$
$P=1000,$
$r=0.04$
$n=2$
$t=2$
$A=1000\displaystyle \cdot\left(1+\frac{0.04}{2}\right)^{4}= 1082.43$
