Answer:
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
<em>P = initial balance</em>
<em>r = interest rate</em>
<em>n = number of times compounded annually</em>
<em>t = time</em>
Since the balance is compounded quarterly, the number will be used for n.
Now lets plug in the values into the equation: