sebastian invested $340 in an account paying an interest rate of 2.4% 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 compounded per year
• $t$ = time in years

Step2: Convert values to correct format

$P = 340$, $r = \frac{2.4}{100}=0.024$, $n=4$ (quarterly), $t=17$

Step3: Calculate periodic rate & total periods

$\frac{r}{n} = \frac{0.024}{4}=0.006$, $nt=4\times17=68$

Step4: Compute growth factor

$\left(1+0.006\right)^{68} = (1.006)^{68} \approx 1.4987$

Step5: Calculate final amount

$A = 340\times1.4987 \approx 509.56$

Step6: Round to nearest hundred

$509.56$ rounded to the nearest hundred is $500$

Answer:

500 dollars