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Gina deposited $1500 in an account that pays 4% interest compounded quarterly.(1 point)
What will the balance be in 2 years? Round your answer to the nearest cent.

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Answered by GPT-5 mini AI
A = P(1 + r/n)^{nt} = 1500(1 + 0.04/4)^{4·2} = 1500(1.01)^8 ≈ 1500(1.0828567) ≈ $1624.29.