$3500 deposit that earns 9.2% annual interest compounded quarterly

Question

I need some help please

Answer 1

The compounding formula:

A(t) = A₀·(1 + rate/n)^nt

where:

1. A(t) = amount of money after time t
2. A₀ = starting amount of money = $3500
3. rate = interest rate expressed as a decimal = 9.2% = 0.092
4. n = number of compoundings a year = 4 (quarterly)
5. t = the number of years the money is invested = ?? (you didn't tell us what it is)

Plug in the numbers and use your calculator to compute the answer.