Algebra-1

1. Use the compound interest formula for quarterly compounding:

The formula for compound interest when compounded  times a year is , where:

 is the amount of money accumulated after  years, including interest.

 is the principal amount (the initial investment). Here, .

 is the annual interest rate (in decimal form). Given an annual interest rate of , so .

 is the number of times interest is compounded per year. Since it's compounded quarterly, .

 is the number of years. Here,  years.

2. Substitute the values into the formula:

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