Based on the amount deposited, the compounding period, and the interest rate, the amount after 4 years would be $3,147.29
First we need to find the periodic interest as well as period of compounding.
= Interest / Number of periods
= 1.2% / 4
= 0.3%
= Number of years x 4
= 4 x 4
= 16 periods
= Amount x ( 1 + rate) ^ number of periods
= 3,000 x ( 1 + 0.3%) ¹⁶
= $3,147.29
In conclusion, the amount would be $3,147.29
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