On Melissa's 6th birthday, she gets a $3000 CD that earns 7% interest, compounded quarterly. If the CD matures on her 12th birthday, how much money will be available?

29 is the correct answer

step-by-step explanation:

thats not a system of equations, that is a solution

yes, gavin is right.

step-by-step explanation:

gavin is correct. 

this problem is about converting 9% per year to how many percent per quarter. the rate is still the same. it only differed in the time period. so, through dimensional analysis,

9% per year  × (1 year / 4 quarters) = 2.25% per quarter

if he was asked to convert 9% per year to how many percent per quarter  compounded quarterly, then you will not simply divide by four. this is because compounding is not linear.

hope this , have a good day. c;