Answer:
Step-by-step explanation:
Use the formula
[tex]A(t)=P(1+\frac{r}{n})^{(n)(t)}[/tex]
where A(t) is the amount of money in the account after a certain number of years, P is the amount invested initially, r is the interest rate in decimal form, n is the number of times the interest compounds per year, and t is the time in years. Filling in:
[tex]A(t)=150,000(1+\frac{.03}{4})^{(4)(10)}[/tex]
Simplifying a bit:
[tex]A(t)=150,000(1+.0075)^{40}[/tex] and a bit more:
[tex]A(t)=150,000(1.0075)^{40}[/tex] and a bit more still:
A(t) = 150,000(1.348348612) so
A(t) = 202,252.29
