Option E is correct. The amount Mayra deposited into the account quarterly is $1,146.35 where the value of n is 4
In order to get the amount compounded quarterly, we will use the compounded interest formula as shown:
A = P(1+r/n)^nt where:
A is the amount after 5 years = $6000
r is the rate (in %) = 6% = 0.06
n is the compounding time = 1/4 (quarterly)
t is the time taken (in years) = 5 years
Required
Amount invested quarterly.
First, we need to get the amount initially invested
Substitute the given values into the formula;
6000 = P(1+0.06(4))^{5/4)}
6000 = P(1+0.24)^1.25
6000 = P (1.24)^1.25
6000 = 1.3085P
P = 6000/1.3085
P = $4,585.40
The amount initially deposited will be $4,585.40
The amount deposited quarterly = P/n where n = 4
Amount deposited quarterly = $4,585.40/4
Amount deposited quarterly = $1,146.35
Therefore the amount Mayra deposited into the account quarterly is $1,146.35 where the value of n is 4.
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