Solve the problem. Round to the nearest cent.Stan's savings account has a balance of $4706. After 4 years, what will the amount of interest be at 4% compounded quarterly?

Quarterly compounding means 4% is divided into 4 periods per year, so the rate per period is 0.04 ÷ 4 = 0.01, and there are 4 × 4 = 16 periods. The interest is $4,706[(1.01)^16 − 1] ≈ $812.16, so the correct choice is $812.16.

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