3. Gavin deposited $1500 into his savings account that is compounded quarterly at an interest rate of 1.5%. How much money will Gavin have after 5 years? Must show setup and answer for credit.

Answer:[tex]\$1,616.60[/tex]  Step-by-step explanation:we know that    The compound interest formula is equal to  [tex]A=P(1+\frac{r}{n})^{nt}[/tex]  where  A is the Final Investment Value  P is the Principal amount of money to be invested  r is the rate of interest  in decimal t is Number of Time Periods  n is the number of times interest is compounded per year in this problem we have  [tex]t=5\ years\\ P=\$1,500\\ r=1.5\%=1.5/100=0.015\\n=4[/tex]  substitute in the formula above  [tex]A=1,500(1+\frac{0.015}{4})^{4*5}[/tex]  [tex]A=1,500(1.00375)^{20}[/tex]  [tex]A=\$1,616.60[/tex]