Is this solution correct? **Compound Interest Calculation****Problem Statement:**If $15,000 is invested at 3% compounded quarterly, what is the amount after 7 years?**Solution:**To find the future value of the investment, we use the compound interest formula:\[ A = P \left(1 + \frac{r}{n}\right)^{nt} \]Where:- $ A $ is the amount of money accumulated after n years, including interest.- $ P $ is the principal amount ($15,000).- $ r $ is the annual interest rate (0.03).- $ n $ is the number of times that interest is compounded per year (4 for quarterly).- $ t $ is the time the money is invested or borrowed for, in years (7).Thus, substituting the given values:\[ A = 15000 \left(1 + \frac{0.03}{4}\right)^{4 \times 7} \]This simplifies to:\[ A = 15000 \left(1 + 0.0075\right)^{28} \]\[ A = 15000 \times (1.0075)^{28} \]Using a calculator, the resulting amount $ A $ is:\[ A = \$18490.68 \]The investment will grow to $18,490.68 after 7 years at an interest rate of 3% compounded quarterly.

Given that $15000 is invested at 3% compounded quarterly. Find the amount after 7 years. The formula used is the following. A=P1+rnnt Where P denotes the principal amount. r denotes the rate of interest. t denotes the time of the payment. n=number of times compounded in a year. To find the amount after 7 years, Substitute P=15000,r=3%,t=7 and n=4 in the formula A=P1+rnnt. A=P1+rnnt=150001+0.03447=18490.6762136≈18490.68 Hence, the amount after 7 years is 18490.68.