Question

Use the following information to answer the question that follows:

Answer 1

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.

Learn more here: brainly.com/question/18456266

Answer 2

Answer:

E. n=4

Step-by-step explanation:

"compounded quarterly" meaning 4.