Answer:
Explanation:
The value of the investment can be calculated using the compound interest formula:
A = P * (1 + (r/n))^(nt)
Where:
A = final amount
P = principal amount (5070)
r = annual interest rate (0.05)
n = number of times the interest is compounded in a year (4)
t = number of years (15)
So,
A = 5070 * (1 + (0.05/4))^(4*15)
A = 5070 * (1.0125)^60
A = 5070 * 2.693260689
A = 13,652.14
The value of the investment after 15 years compounded quarterly at 5% per year is $13,652.14, rounded to the nearest cent.