adam invested $24,000 in an account paying an interest rate of 2.8% compounded quarterly. assuming no…

Explanation:

Step1: Identify compound interest formula

The formula for compound interest is $A = P\left(1+\frac{r}{n}\right)^{nt}$, where:

• $A$ = final amount
• $P$ = principal amount
• $r$ = annual interest rate (decimal)
• $n$ = number of times interest is compounded per year
• $t$ = time in years

Step2: Convert values to correct format

$P = 24000$, $r = \frac{2.8}{100}=0.028$, $n=4$ (quarterly), $t=10$

Step3: Substitute values into formula

$A = 24000\left(1+\frac{0.028}{4}\right)^{4\times10}$ $A = 24000\left(1+0.007\right)^{40}$ $A = 24000\left(1.007\right)^{40}$

Step4: Calculate the exponential term

First compute $(1.007)^{40} \approx 1.322053$

Step5: Compute final amount

$A = 24000 \times 1.322053 \approx 31729.27$

Step6: Round to nearest ten dollars

Round $31729.27$ to the nearest ten: $31730$

Answer:

$$31,730$