Answer:
$3,440.86
Explanation:
Lets use the compound interest formula provided to solve this:

P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, change 11% into its decimal form:
11% ->
-> 0.11
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:


The balance will be $3,440.86 after 5 years.