Patrick has been buying a large gourmet beverage at a coffee shop every morning for a couple years. He has decided that this is a foolish way to spend his money, and instead will invest the
amount he would have spent to save up for the mountain bike he'd like to buy.
He added up how much the coffee costs him and found he was spending $112 on it each month! So,
he will deposit $112 at the end of each month in an interest-bearing account. His money will earn
1.75% annual interest, compounded quarterly.
How much will Patrick have for his bike in two years?