Answer:
$472.40
Explanation:
To calculate the future value of $400 after 4 years at 4% compounded monthly, we can use the formula:
FV = PV x (1 + r/n)^(n*t)
Where:
PV = Present value = $400
r = Annual interest rate = 4%
n = Number of compounding periods per year = 12 (since it's compounded monthly)
t = Number of years = 4
FV = Future value
Plugging in the values, we get:
FV = $400 x (1 + 0.04/12)^(12*4)
FV = $400 x (1.003333)^48
FV = $400 x 1.181
FV = $472.40
Therefore, the future value of $400 after 4 years at 4% compounded monthly is approximately $472.40.