gavin deposited $1500 into his savings account that is compounded quarterly at an interest rate of 1.5%. How munch money will gavin have after 5 years?

Answer:The money will gavin have after 5 years is 1616.59$Explanation:We know that compound interest is given by  [tex]A=P\left(1+\frac{r}{n}\right)^{n t}[/tex]           Where A = final amount        P = Principal amount = $1500 (given) r  = interest rate = 1.5% = 0.015 n = no. of times interest applied per time period = given quarterly = 4 t = time period = 5 years       So, [tex]A=1500\left(1+\frac{0.015}{4}\right)^{4 \times 5}[/tex][tex]1500\left(1+\frac{0.015}{4}\right)^{20}[/tex]  = 1616.59$ which is the money will gavin have after 5 years