To compare investments, analysts convert monthly, quarterly, and semiannual rates to annual rates. If an investment of $100,000 is invested at 3.5% per quarter, compounded quarterly, the growth can be modeled by the equation A(t) = 100,000(1.035)4t. What is the equivalent annual growth rate for this investment (rounded to the nearest hundredth of a percent) and what is it worth (rounded to the nearest thousand dollar) after 15 years?
0.32% and $104,000
14.75% and $788,000
10.50% and $447,000
14.01% and $714,000

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