• Malik Montez's savings account has a principal of $1,640. It earns 6 percent interest a
1 answer:
Answer:
The amount at the end of second quarter is $1842.704
Step-by-step explanation:
Given as :
The principal in saving account = $1640
The rate of interest = 6 % compounded quarterly
The time period = 6 months
Now,<u> from compounded method</u>
The amount at the end of first quarter = = principal + 6 % of principal
I.e = $1640 + 6 % × $1640
Or, = $1640 + $ 98.4
∴ = $1738.4
Again ,
The amount at the end of second quarter = =
+ 6 % of
I.e = $1738.4 + 6 % × $1738.4
Or, = $1738.4 + $104.304
∴ = $1842.704
So, The amount at the end of second quarter = = $1842.704
Hence , The amount at the end of second quarter is $1842.704 Answer
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