Answer:
$6133.19
Explanation:
We can use the formula for compound interest to find the amount of money in Wazin's college account in 2026:
A = P(1 + r/n)^(nt)
where A is the amount of money in the account, P is the principal (initial investment), r is the interest rate (as a decimal), n is the number of times the interest is compounded per year, and t is the time (in years).
In this case, P = $1500, r = 0.07, n = 4 (since the interest is compounded quarterly), and t = 20 (since 2026 is 20 years after 2006). Substituting these values, we get:
A = 1500(1 + 0.07/4)^(4*20) = $6133.19
Therefore, Wazin's college account will have approximately $6133.19 in 2026.
Hope this helps!