Chris invests $15,000 in a retirement account with an annual interest rate of 3.4%. Find the final amount of the investment after 27 years if interest is compounded quarterly.
Round the answer to the nearest cent. (1 point)
The final amount of the investment after 27 years is $
The interest rate is 3.4% per year, which means it is 3.4/100 = 0.034 as a decimal.
The investment is compounded quarterly, so there are 27/0.25 = <<27/0.25=108>>108 quarters in 27 years.
The interest rate per quarter is 0.034/4 = 0.0085.
The final amount of the investment is 15000*(1+0.0085)^(108) = $39697.67.
Rounded to the nearest cent, the final amount of the investment is $39697.67. Answer: \boxed{39697.67}.