Suppose that 2000 is invested at a rate of 4% , compounded annually. Assuming that no withdrawals are made,find the total amount after 6 years. Do not round any intermediate computations, and round your answer to the nearest cent. Ssquare

To find the total amount after 6 years, we can use the formula for compound interest: where:- is the amount of money accumulated after years, including interest.- is the principal amount (the initial amount of money).- is the annual interest rate (decimal).- is the number of times that interest is compounded per year.- is the time the money is invested for in years.Given:- - (since the interest is compounded annually)- yearsSubstitute these values into the formula: Now, calculate \( (1.04)^6 \): Then multiply by the principal amount: So, the total amount after 6 years is approximately .