Mark bought a CD for $500 that earns 3.9% APR and is compounded quarterly. The CD matures in 3 years. How much will this CD be worth at maturity?

First, we calculate for the effective interest rate.

ieff = (1 + 0.039/4) ^4 - 1

ieff = 0.039574

Then, the future worth of current amount is equal to,

F = P x (1 + ieff) ^n

where P is the current money and n is the number of years.

F = ($500) x (1 + 0.039574) ^5

F = $607.08

I got 561 I don’t really know