Answer
$\$108.29$
Work Step by Step
According to the Compound Interest Formula, where $P$ is the principal, the amount deposited, $r$ is the annual interest rate, $n$ is the number of times the interest is compounded annually, $t$ is the number of years, $A$ is the amount you get back after $t$ years:
$A=P\cdot(1+\frac{r}{n})^{n\cdot t}$
Here we have:
$t=2\text{ years}$
$r=4\%=0.04$
$P=\$100$
$n=4$ (since it is compounded quarterly)
Substitute these values into the formula above to obtain:
$A=100\cdot(1+\frac{0.04}{12})^{4\cdot 2}= \$108.29$
