Answer:
The amount in the account after six years is $2,288.98
Step-by-step explanation:
In this question, we are asked to calculate the amount that will be in an account that has a principal that is compounded quarterly.
To calculate this amount, we use the formula below
A = P(1+r/n)^nt
Where P is the amount deposited which is $1,750
r is the rate which is 4.5% = 4.5/100 = 0.045
t is the number of years which is 6 years
n is the number of times per year, the interest is compounded which is 4(quarterly means every 3 months)
we plug these values into the equation
A = 1750( 1 + 0.045/4)^(4 * 6)
A = 1750( 1 + 0.01125)^24
A = 1750( 1.01125)^24
A = 2,288.98
The amount in the account after 6 years is $2,288.98
