Answer:
$408
Step-by-step explanation:
A = P(1+r/n)^(nt)
A = final amount
P = initial amount (400)
r = rate = 2% = 0.02
n = number of times compounded per time period (one time period is a year in this case) = 1
t = time = 1
A = 400(1+0.02/1)^(1*1) = 408
