jaxon invested $58,000 in an account paying an interest rate of 2.7% compounded quarterly. assuming no…

Explanation:

Step1: Identify the compound - interest formula

The compound - interest formula is $A = P(1+\frac{r}{n})^{nt}$, where $A$ is the amount of money accumulated after $n$ years, including interest, $P$ is the principal amount (the initial amount of money), $r$ is the annual interest rate (in decimal form), $n$ is the number of times that interest is compounded per year, and $t$ is the time the money is invested for in years.

Step2: Convert the given values to the appropriate form

We have $P = 58000$, $r=0.027$ (since $2.7%=0.027$), $n = 4$ (compounded quarterly), and $t = 14$.

Step3: Substitute the values into the formula

$A=58000(1 +\frac{0.027}{4})^{4\times14}$. First, calculate the value inside the parentheses: $\frac{0.027}{4}=0.00675$, and $1+\frac{0.027}{4}=1 + 0.00675=1.00675$. Then, calculate the exponent: $4\times14 = 56$. So, $A = 58000\times(1.00675)^{56}$.

Step4: Calculate $(1.00675)^{56}$

Using a calculator, $(1.00675)^{56}\approx1.45777$.

Step5: Calculate the value of $A$

$A=58000\times1.45777\approx84550$.

Answer:

$84550$