Chelsea invested %5600 at a rate of 3.6% compounded quarterly. Write a compound interest function to model the situation. Then find the balance after 6 years.
3.6% compounded quarterly=.036/4=0.009 per period FV=5600(1+.009)^4y where FV=future value, and y is time, in years. So: FV(6)=5600(1.009)^4(6)=5600(1.009)^24=$6943.46 ☺☺☺☺
