Answer:
At the end of 5 years, there will be $696.71 in the account.
Step-by-step explanation:
The compound interest formula is given by:
[tex]A(t) = P(1 + \frac{r}{n})^{nt}[/tex]
Where A(t) is the amount of money after t years, P is the principal(the initial sum of money), r is the interest rate(as a decimal value), n is the number of times that interest is compounded per unit year and t is the time in years for which the money is invested or borrowed.
In this question, we have that:
[tex]P = 600, r = 0.03, t = 5, n = 4[/tex]
Then
[tex]A(t) = P(1 + \frac{r}{n})^{nt}[/tex]
[tex]A(5) = 600(1 + \frac{0.03}{4})^{4*5}[/tex]
[tex]A(5) = 696.71[/tex]
At the end of 5 years, there will be $696.71 in the account.
