Question 966931
money earns at the rate of 8.5% for 6 years compounded quarterly.


the quarterly interest rate is 8.5 / 4 = 2.125% / 100 = .02125.


the numb3er of quarters is equal to 6 * 4 = 24.


the formula is f = p * (1+i)^n


in this problem, p is equal to 32,000.
i is equal to .02125
n is equal to 24.


you get f = 32,000 * (1.02125)^24 = 53,005.34277.