Answer
$A=1059.85$ dollars
Work Step by Step
We are given the formula $A=Pe^{rt}$ for solving interest problems (where A is the amount accrued, P is the principal amount invested, r is the rate of interest, and t is time in years).
In this case, we are measuring the amount accrued when 940 dollars is invested over 3 years with a 4% interest rate.
$A=940e^{.04(3)}=940e^{.12}=940\times1.1275=1059.85$ dollars
