Dana's mother gave her on her sixteenth birthday. “But you must put it in the bank and leave it there until your eighteenth birthday,” she told Dana. Dana already had in her account, which pays annual interest, compounded quarterly. What is the minimum amount of money she will have on her eighteenth birthday if she makes no withdrawals before then? Justify your answer.
Notice that the interest is annually, but it is compounded quarterly.
This means that you need to divide the percentage by , and multiply the number of compoundings by .