Answer:
$23,330.66
Step-by-step explanation:
The compound interest function is ...
FV = P(1 +r/n)^(nt)
where P is the principal amount ($19,600), n is the number of compoundings per year (4), r is the interest rate (.035), and t is the number of years (5).
Putting these numbers into the formula and doing the arithmetic, we get ...
FV = $19,600(1 +.035/4)^(4·5) = $23,330.66
