Answer:
$4141.85
Explanation:
You want to know the balance in an account in which a $4000 deposit earns 3.5% interest compounded quarterly for 1 year.
Compound interest
The balance can be found using the compound interest formula:
A = P(1 +r/n)^(nt)
where principal P earns interest at rate r compounded n times per year for t years.
A = $4000(1 +0.035/4)^(4·1) ≈ $4141.85
Mr. Gery's balance after 1 year is $4141.85.
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