We have the following info given:
P=1000 is the investment, t=15 represent the number of years, 4% represent the interest (i) compunded quarterly. We want to estimate the amount earned (A) and we can use this formula:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]and for this case n=4 since in a year we have 4 quarts . then if we replace we got this:
[tex]A=1000(1+\frac{0.04}{4})^{4\cdot15}[/tex]And if we solve we got:
[tex]A=1000(1.01)^{60}=1816.696[/tex]And if we round this we got 1816.70 who represent the amount of money earned in the period given
