2.
tom mathis deposited $1850 in a new credit union savings acu
earns 7.25% interest compounded quarterly. hem
amount in his account at the end of 6 months?
redit union savings account on the first of a quarter. the principal
y. he made no other deposits or withdrawals. what was the

The amount after 6 months compounded quarterly is $1917.66 .

Step-by-step explanation:

Given as :

The principal amount deposited in account =  $1850

The bank applied rate of interest = r = 7.25% compounded quarterly

The time period of loan = t = 6 months = 0.5 years

Let the Amount after 6 months = $A

Now, From quarterly Compound Interest method  

Amount = principal ×

Or, A = p ×

Or, A = $1850 ×

Or, A = $1850 ×

Or, A = $1850 × 1.036578

∴ A = $1917.66

i.e A = $1917.66

So, The amount after 6 months = A = $1917.66

Hence, The amount after 6 months compounded quarterly is $1917.66 . Answer

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step-by-step explanation:

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step-by-step explanation:

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