Question $7(3$ points$)$

Hewlett Plastics Inc. received a loan of $$48,500$ at $3\mathrm{.}50\%$ compounded quarterly to purchase machinery for its factory.

Calculate the number of compounding periods and time period of the loan if the total interest paid was $$16,720\mathrm{.}24.$

Blank$-1]$ compounding periods.

Time Blank$-2]$ years and Blank$-3]$ days

Express the answer in years and days, rounded up to the next day.

Blank # $1$

Blank # $2$

A

Blank # $2$

A

Blank # $3$

A