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Answer:
$1,175.34
Step-by-step explanation:
To solve for the total amount after 7 years. We need to use the formula:
Let's first break down all the variables that we have.
P = 480
r = 13% or 0.13
n = 4 (Quarterly)
t = 7 years
Now we simply substitute the values into the formula.
The account will have $1,175.34 after the 7 year period.