Question

Jocelyn invested $8,600 in an account paying an interest rate of 3.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 15 years?

Answer 1

A = P*(1 +r/n)^(n*t)
A = $8,600*(1 +.031/4)^(4*15)
A ≈ $13,700

About $13,700 will be in Jocelyn's account after 15 years.