SOLUTION: Aiden invested $280 in an account paying an interest rate of 3.4% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars

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Question 1152343: Aiden invested $280 in an account paying an interest rate of 3.4% compounded quarterly. Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 17 years?
Answer by ankor@dixie-net.com(22740) About Me  (Show Source):
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Aiden invested $280 in an account paying an interest rate of 3.4% compounded quarterly.
Assuming no deposits or withdrawals are made, how much money, to the nearest hundred dollars, would be in the account after 17 years?
:
The compound interest formula
A = P%281%2B%28r%2Fn%29%29%5E%28nt%29, where
A = resulting amt after t yrs
P = initial amount (280)
r = rate of interest in decimal form (.034)
n = no. of compounding periods per yr (4)
t = no. of yrs (17)
:
A = 280%281%2B%28.034%2F4%29%29%5E%284%2A17%29
do the math
A = 280%281.0085%29%5E68
A = 280*1.7781
A = $497.87 ~ $500 after 17 yrs