Nathan invested $3,500 in an account paying an interest rate of 3.5% compounded
quarterly. Assuming no deposits or withdrawals are made, how much money, to the
nearest hundred dollars, would be in the account after 19 years?

\text{Compounded Quarterly:}

Compounded Quarterly:

A=P\left(1+\frac{r}{n}\right)^{nt}

A=P(1+  

n

r

)  

nt

Compound interest formula

P=3500\hspace{35px}r=0.035\hspace{35px}t=19\hspace{35px}n=4

P=3500r=0.035t=19n=4

Given values

A=3500\left(1+\frac{0.035}{4}\right)^{4(19)}

A=3500(1+  

4

0.035

)  

4(19)

Plug in values

A=3500(1.00875)^{76}

A=3500(1.00875)  

76

Simplify

A=6786.05963486

A=6786.05963486

Use calculator

A\approx 6800

Step-by-step explanation:

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step-by-step explanation: