Answer:
Principal = $ 350
Quarterly Rate of Interest = 1.5 %
Time =50 years
n=50 × 4=200, as rate of interest is compounded Quarterly.
Amount
[tex]=P(1+\frac{R}{100})^n\\\\=350\times (1+\frac{1.5}{100})^{200}\\\\=350\times (\frac{101.5}{100})^{200}\\\\=350\times ({1.015})^{200}\\\\=350\times 19.6430\\\\=6875.0600[/tex]
=$ 6875 (Approx)
