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9 March, 16:05

Jocelyn invested $8,600 in an account paying an interest rate of 3.1% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 15 years?

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  1. 9 March, 17:29
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    A = P * (1 + r/n) ^ (n*t)

    A = $8,600 * (1 +.031/4) ^ (4*15)

    A ≈ $13,700

    About $13,700 will be in Jocelyn's account after 15 years.
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