Jake invested $15,806 in Glendale Investments. What is his accumulated amount after 3 years if the amount is invested at 6.8% compounded quarterly?Group of answer choices$19,349.66$21,236.25$15,560.25$17,258.56

To solve this problem, we need to use the formula for compound interest, which is:

A = P (1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = time the money is invested for in years

Given in the problem: P = $15,806 r = 6.8% or 0.068 (in decimal) n = 4 (since the interest is compounded quarterly) t = 3 years

Substitute these values into the formula:

A = $15,806 * (1 + 0.068/4)^(4*3)

Calculate the expression inside the parentheses:

A = $15,806 * (1 + 0.017)^12

Calculate the exponent:

A = $15,806 * 1.23198

Finally, multiply the principal amount by the calculated factor:

A = $15,806 * 1.23198 =$19,462.57

So, Jake's accumulated amount after 3 years will be approximately $19,462.57. However, this option is not available in the given choices. There might be a rounding error or a mistake in the problem.