Answer: her investment would
be worth $15003 after 7 years
Step-by-step explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1+r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = 8500
r = 8.2% = 8.2/100 = 0.082
n = 4 because it was compounded 4 times in a year.
t = 7 years
Therefore,
A = 8500(1+0.082/4)^4 × 7
A = 8500(1 + 0.0205)^28
A = 8500(1.0205)^28
A = $15003
