Given that the interest rate is compounded, the amount in the account
grows exponentially.
- The amount of money in the account aster 19 years is approximately $6,800
Reasons:
The amount Nathan invested, P = $3,500
The interest rate paid by the account, r = 3.5% quarterly
Number of compounding periods per year = 4 (Quarterly)
Number of  years, t = 19 years
Required:
The amount in the account after 19 years
Solution:
The amount in the account is given by the formula;
- [tex]\displaystyle A = \mathbf{ P \times \left(1+\dfrac{r}{n} \right)^{n \times t}}[/tex]
Therefore;
[tex]\displaystyle A = \mathbf{3,500 \times \left(1+\dfrac{0.035}{4} \right)^{4 \times 19}} \approx 6,786.06[/tex]
Therefore, to the nearest hundred dollars, we have;
- The amount in the account, A ≈ $6,800
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