Solve the Problem $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$

Multiple Choice

Solve the problem.
-Find the amount in a savings account at the end of 7 years if the amount originally deposited is $3,000 and the interest rate is 5.5% compounded quarterly. Use: $A = P \left( 1 + \frac { r } { n } \right) ^ { n t }$ where:
$\mathrm { A } =$ final amount
$\mathrm { P } = \$ 3,000$ (the initial deposit)
$r = 5.5 \% = 0.055$ (the annual rate of interest)
$\mathrm { n } = 4$ (the number of times interest is compounded each year)
$t = 7$ (the duration of the deposit in years)

A) $\$ 85,155.00$
B) $\$ 4,397.29$
C) $\$ 3,300.94$
D) $\$ 4,837.02$