The amount of money in Aubrey's account after 19 years will be $20,424.
Compound interest is the interest on a loan or deposit calculated based on the initial principal and the accumulated interest from the previous period.
We know that the compound interest is given as
A = P(1 + r)ⁿ
Where A is the amount, P is the initial amount, r is the rate of interest, and n is the number of years.
Aubrey invested $7,100 in an account paying an interest rate of 5.6% compounded quarterly.
Assuming no deposits or withdrawals are made.
Then the amount of money in Aubrey's account after 19 years will be
P = $ 7100
r = 0.056/4 = 0.014
n = 4 x 19 = 76
Then we have
A = 7100 (1.014)⁷⁶
A = $ 20,424
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