Answer:
Step-by-step explanation:
Group like terms:
Simplify the arithmetic:
Add 7 to both sides:
Simplify the arithmetic:
Simplify the arithmetic:
Divide both sides by 3:
Simplify the fraction:
Find the greatest common factor of the numerator and denominator:
Factor out and cancel the greatest common factor and the answer will be:
Answer:
$613.04
Step-by-step explanation:
<em>Compound Interest Formula:</em>
n = number of compounds
t = time
r = interest rate
P = principle amount (original amount)
A = final amount
Since it's compounded quarterly, that means there will be 4 compounds per year, so n=4. The interest rate has to be converted to the decimal value, and this is done by simply dividing it by 100 to get r=0.06.
Plug Values into equation:
Simplify inside parenthesis
Calculate exponent
Multiply values
Round