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Answer:
Apply the formula for sum of cubes:
Therefore:
The amount if $2950 is invested at an annual rate of 8.4% compounded quarterly is $3486
<h3>Compound interest</h3>
Compound interest is given by:
where t is the period, r is the rate, P is the initial amount, A is the final amount and n is the times compounded.
Given P = 2950, r = 0.084, n = 4, t = 2, hence:
The amount if $2950 is invested at an annual rate of 8.4% compounded quarterly is $3486
Find out more on Compound interest at: brainly.com/question/24924853