The formula to calculate compound interest is given to be:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]where:
[tex]\begin{gathered} A=\text{ final amount} \\ P=\text{ initial amount (principal)} \\ r=\text{ interest rate} \\ n=\text{ number of times interest applied per time period} \\ t=\text{ number of time period elapsed} \end{gathered}[/tex]The following parameters are given in the question:
[tex]\begin{gathered} P=93000 \\ r=\frac{3}{100}=0.03 \\ n=4(quarterly) \\ t=17\text{ years} \end{gathered}[/tex]We can substitute these values into the formula to calculate the final amount as follows:
[tex]A=93000(1+\frac{0.03}{4})^{4\times17}[/tex]Solving, we get:
[tex]\begin{gathered} A=93000\times1.0075^{68} \\ A=154,577.64 \end{gathered}[/tex]The amount after 17 years is $154,577.64
