jevonte invested $37,000 in an account paying an interest rate of 1.7% compounded quarterly. assuming no…

Explanation:

Step1: Identify the compound - interest formula

The compound - interest formula is $A = P(1+\frac{r}{n})^{nt}$, where $P$ is the principal amount, $r$ is the annual interest rate (in decimal form), $n$ is the number of times interest is compounded per year, and $t$ is the number of years.

Step2: Convert the given values to the correct form

$P=$37000$, $r = 0.017$ (since $1.7%=0.017$), $n = 4$ (compounded quarterly), and $t = 14$ years.

Step3: Substitute the values into the formula

$A=37000(1 +\frac{0.017}{4})^{4\times14}$ First, calculate the value inside the parentheses: $\frac{0.017}{4}=0.00425$, then $1+\frac{0.017}{4}=1 + 0.00425=1.00425$. Next, calculate the exponent: $4\times14 = 56$. So, $A = 37000\times(1.00425)^{56}$.

Step4: Calculate $(1.00425)^{56}$

Using a calculator, $(1.00425)^{56}\approx1.26177$.

Step5: Calculate the value of $A$

$A=37000\times1.26177 = 46685.49$. Rounding to the nearest ten dollars, $A\approx46690$.

Answer:

$46690$