Respuesta :
Answer:
Amount at the end of second quarter is, $1689.569
Step-by-step explanation:
Given: Principal(P) = $1640 , Rate(r) = 6% = 0.06
Formula to find the Amount:
Amount(A) = [tex]P(1+\frac{r}{n})^{nt}[/tex]
where
P represent the principal
r represents the annual rate (in decimals)
n represents the number of times compounded per year
and t is the time in year.
Here, n = 4 , P= $1640 and r = 0.06
Amount(A) = [tex]1640(1+\frac{0.06}{4})^{4t}[/tex]
where 4t represents the number of quarter
We have to find the Amount at the end of the second quarter.
substitute 4t = 2 (number of quarter is 2)
then;
[tex]A=1640(1+\frac{0.06}{4})^2[/tex]
or
[tex]A=1640(1+0.015)^2[/tex]
or
[tex]A=1640(1.015)^2[/tex]
Simplify:
A = $ 1689.569
therefore, the amount at the end of second quarter is, $1689.569
