Answer:
$9,812.29
Step-by-step explanation:
The amount in Jeremy's account can be computed using the compound interest formula.
__
account value
The formula for the value of an account earning compound interest at annual rate r, compounded n times per year for t years is ...
A = P(1 +r/n)^(nt)
where P is the principal invested.
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formula application
When P=$8500, r=0.024, n=4, t=6, the formula becomes ...
A = $8500(1 +0.024/4)^(4·6) = $8500(1.006^24) ≈ $9812.29
There will be $9,812.29 in this account after 6 years.
