Help with math problem

Question

You plan to invest $350 in a growth fund that has a rate of 1.5% compounded quarterly. How much money will this investment be worth after 50 years?

Round to the nearest cent.

Answer 1

There are 200 quarters in 50 years. 1 dollar invested at 1.5% compounded quarterly will be worth (1+.015)²⁰⁰ =19.643. 350 will be worth 350*19.643= 6,875.06

Hope this helps