A savings account earns interest with an APR of 2.94%, compounded quarterly. If $3,942 is saved in this account at the beginning of 2019, what is the value of the account at the beginning of 2027? Use two decimal place accuracy.
The quarterly interest rate is 2.94% / 4 = 0.735%.
The number of quarters from the beginning of 2019 to the beginning of 2027 is 8 * (2027 - 2019) = 8 * 8 = 64 quarters.
The value at the beginning of 2027 is therefore $3,942 * (1 + 0.735%)^64 = $3,942 * 1.00735^64 = $3,942 * 1.57844 ≈ $6,217.72. Answer: \boxed{6,217.72}.