Tim invests $1000 in an annuity that offers an interest rate of 3.5% compound quarterly for 5 years. what is the value of tim's investment after 5 years

The formula we will use is  ,  where A(t) is the amount we have at the end of the time, P is the initial investment amount, n is the number of times the money is compounded, r is the interest rate in decimal form, and t is the number of years we are investing.  For us,  P=1000, r=.035, n = 4 (quarterly is 4 times a year), and t = 5.  Filling in accordingly, we have  .  Simplifying within the parenthesis we have  .  Again simplfiying,  .  Raise the parenthesis to the power of 20 to get  A(t) = 1000(1.190339799).  Now we can multiply to find the amount at the end of it all.  A(t) = $1,190.34

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