9514 1404 393
Answer:
C. $11,444.27
Step-by-step explanation:
The formula for the amount of an annuity is ...
A = P((1 +r/n)^(nt) -1)/(r/n)
where r is the annual interest rate, compounded n times per year for t years, and P is the payment made in each interval.
Here, we have P=$350, r = 0.045, n = 4, t = 7, so the account balance will be ...
A = $350((1 +.045/4)^(4·7) -1)/(0.045/4) ≈ $11,444.27
_____
Additional comment
This calculates the balance if the deposit is made at the end of the quarter.
