Answer:
$70.399.62
Step-by-step explanation:
To find the final amount, we have to use the compound interest formula
A = P(1 + r/n)ⁿˣ
A = Final amount
P = Starting amount (65,000)
r = rate (0.02)
n = time applied (4 since it's quarterly, meaning 4 times every year)
x = years (4)
Our equation will look like this
A = 65,000(1 + 0.02/4)¹⁶
You should use a calculator to plug to solve 65,000(1 + 0.02/4)¹⁶
A = 70,399.62483294155
