the interest compound formula is given by
[tex]\begin{gathered} A=P(1+\frac{r}{n})^{n\cdot t} \\ \text{where n=4 in this case since we are dealing with quarterly interest.} \end{gathered}[/tex][tex]\begin{gathered} By\text{ substituying values, we have} \\ A=1000(1+\frac{0.12}{4})^{4\cdot3} \\ \text{where t=3.} \end{gathered}[/tex]remeber that, the Principal P=1000 and the rate r=0.12. Hence,
[tex]\begin{gathered} A=1000(1.426) \\ A=1425.76 \end{gathered}[/tex]Therefore, Jen will able to spend 1425.76 dollars
