Answer:
After 4 years the account balance will be $ 7,948.67.
Step-by-step explanation:
Given that Abhasra invests $ 7,053 in a savings account with a fixed annual interest rate of 3% compounded quarterly, to determine what the account balance will be after 4 years, the following calculation must be performed:
7.053 x (1 + 0.03 / 4) ^ 4x4 = X
7,053 x 1.0075 ^ 16 = X
7.053 x 1.12699211 = X
7,948.67 = X
Therefore, after 4 years the account balance will be $ 7,948.67.
