I want to buy a car with cash in 4 years. I have $10,000.00 that I can invest today. I can get a bond earning 4%. How much will I have for the purchase?

Question

This is what I am thinking for an answer but not quite sure:
N=4 years
I=4%
PV=10,000
for a total of 11698.59

Am I on the right path or is this not the formula I use?

Answer 1

I = PRT is the formula for simple interest. I get $11,600 figuring simple interest.