Not Financial Advice: After 9 years, the value will be $2,592.765 (use formula below).
Compound Interest Formula:
via kwout
P: principal amount (initial investment) - $1,517
r: interest rate - 6% (0.06)
t: number of years - 9
n: number of times the interest is compounded per year - 4 (quarterly)
One very important exponential equation is the compound-interest formula.
Regarding the variables, n refers to the number of compoundings in any one year, not to the total number of compoundings over the life of the investment.
If interest is compounded yearly, then n = 1; if semi-annually, then n = 2; quarterly, then n = 4; monthly, then n = 12; weekly, then n = 52; daily, then n = 365; and so forth, regardless of the number of years involved.
Also, "t" must be expressed in years, because interest rates are expressed that way. If an exercise states that the principal was invested for six months, you would need to convert this to 6/12 = 0.5 years; if it was invested for 15 months, then t = 15/12 = 1.25 years; if it was invested for 90 days, then t = 90/365 of a year; and so on.
See PurpleMath.com's Exponential Functions: Compound Interest.