for math 144 dont get it

Question

The Washingtons are saving up to go on a family vacation in 5

 years. They invest $3100

 into an account with an annual interest rate of 1.48%

 compounded quarterly.

Answer 1

A = P(1+r/n)^nt

P = amount invested

r = interest rate

n= number of compounding periods per year

t = numbrer of years

= 3100(1+.0148/4)^4(5)

= 3100(1.0037)^20

= $3,337.65