Answer:
Option D is the correct anwer
Step-by-step explanation:
This can be calculated using the relation,
[tex]A=P(1 + \frac{r}{m})^{mt} [/tex]
Where ,
A is total amount
P is the principal
r is the rate
t is the time
m is the compounding frequency
From the question,
P=$1500
r=3.5%=0.035
t=3yrs
m=4
By substitution,
[tex]A = 1500(1 + \frac{0.035}{4})^{4 \times 3} [/tex]
[tex]A = 1500(1 + 0.00875)^{12} [/tex]
[tex]A = 1500 \times (1.00875)^{12}[/tex]
[tex]A = 1665.305[/tex]
A=$1665.31
