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after 3 years what is the total amount of an investment of $1500 in an account paying 3.5% interest, compounded quarterly?
question 7 options:

$1908.42

$2266.60

$1724.36

$1665.31

Option D

The total amount after 3 years is $ 1665.31

Given that an investment of $1500 in an account paying 3.5% interest, compounded quarterly

To find: total amount after 3 years

The formula for total amount using compound interest is given as:

A = the future value of the investment/loan, including interest

P = the principal investment amount (the initial deposit or loan amount)

r = the annual interest rate (decimal)

n = the number of times that interest is compounded per unit t

t = the time the money is invested or borrowed for

Here in this problem,

p = $ 1500

t = 3 years

n = 4 (since compounded quarterly)

Substituting the values in above formula,

Thus total amount after 3 years is $ 1665.31. Option D is correct

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step-by-step explanation:

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