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Answer:
Explanation:
We'll use the below compound interest formula to solve the given question;
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]where A = future amount
P = principal or starting amount = $700
r = annual interest rate in decimal = 2% = 0.02
n = number of compounding periods = 4
t = time in years = 3
Let's go ahead and substitute the given values into the formula and solve for A as seen below;
[tex]A=700(1+\frac{0.02}{4})^{4*3}=700(1.005)^{12}=700*1.06167781186=743.17[/tex]S