Suppose you invest $3,500 in a savings account that earns 7% Interest, compounded quarterly. How much money would you have after 6 years? Round your answer to
the nearest penny (hundredith)

Given:

Principal = $3,500

Rate of interest = 7% compounded quarterly (4 times in an year)

Time = 6 years

To find:

The amount.

Solution:

The formula for the amount is

Where, P is principal, r is rate of interest, n is number of times interest compounded in an year and t is number of years.

Putting P=3500, r=0.07, n=4 and t=6 in the above formula, we get

Therefore, the amount after 6 years is $5307.55.

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step-by-step explanation:

other answer is correct. i had used the radius of the radius somehow. a website: