Solve the problem.Find the amount in a savings account at the end of 7 years if the amount originally deposited is $3,000 and the interest rate is 5.5% compounded quarterly.Use: A = Pntwhere:A = final amountP = $3,000 (the initial deposit)r = 5.5% = 0.055 (the annual rate of interest)n = 4 (the number of times interest is compounded each year)t = 7 (the duration of the deposit in years)

A. $85,155.00
B. $3,300.94
C. $4,837.02
D. $4,397.29


Answer: D

Mathematics

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