Final answer:
The investment will yield $481.94 in interest.
Step-by-step explanation:
To calculate the amount of interest earned, we can use the formula A = P(1 + r/n)^(nt), where A is the final amount, P is the principal amount, r is the annual interest rate (expressed as a decimal), n is the number of times interest is compounded per year, and t is the number of years. Plugging in the values for this question, we have:
A = 3000(1 + 0.047/4)^(4*4) = $3481.94
Subtracting the original principal amount gives us the interest earned:
Interest = $3481.94 - $3000 = $481.94