Question 288784
Use the formula I = P(1 + r/4)^4, where P = 15,000 and r = 0.0485.

Plug into formula and simplify using your calculator.

We are searching for I or interest.

I = 15,000(1 + 0.0485/4)^4

Can you do it now?

NOTE: The number 4 represents interest every 4 months since this is a quarterly compounding question.