First, we convert the interest such that it is compounded annually. The formula would be:
ieff = (1 + i/m)^m - 1 where m = 4, since there are 4 quarters in a year ieff = (1 + 0.025/4)^4 - 1 ieff = 0.0252
Then we use this for this equation: F = P(1 + i)^n, where F is the future worth, P is the present worth and n is the number of years F = $600(1 + 0.0252)^15 F = $871.53
16 1/10 Because you have 15 and then for 22/20 it is a improper fraction so take 20 away from it to get 2/10 then add 1 to 15 for 16 and then simplify 2/20 to 1/10