Solve the problem. Round to the nearest cent.Andrea’s savings account has a balance of $3668. After 3 years, what will the amount of interest be at 4% compounded quarterly?

For quarterly compounding, the rate per period is 4% ÷ 4 = 1%, and there are 3 × 4 = 12 periods. The interest is $3,668[(1.01)^12 − 1] = $465.19, rounded to the nearest cent. The correct choice is $465.19.

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