Final answer:
To calculate the amount of money Marie will have in her account in 7 years, we can use the formula for compound interest. Marie invested $10,000 at an interest rate of 2% compounded quarterly. The total amount of money she will have in her account after 7 years is approximately $11,483.08.
Step-by-step explanation:
To calculate the amount of money Marie will have in her account in 7 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
- A is the final amount
- P is the principal (initial amount)
- r is the annual interest rate (expressed as a decimal)
- n is the number of times the interest is compounded per year
- t is the number of years
In this case, Marie invested $10,000, the interest rate is 2% (or 0.02), and the interest is compounded quarterly (4 times a year). So, we have:
A = 10000(1 + 0.02/4)^(4 * 7)
Calculating this formula gives us an amount of approximately $11,483.08. Therefore, the answer is a. $11,483.08.