Answer:
$81,269.53
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, change 3.4% into a decimal:
3.4% -> [tex]\frac{3.4}{100}[/tex] -> 0.034
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
[tex]A=56,000(1+\frac{0.034}{4})^{4(11)}[/tex]
[tex]A=81,269.53[/tex]
After 11 years, you will have $81,269.53
