$500 principal earning 4% compounded quarterly after 6 years

$634.87.

Step-by-step explanation:

We are supposed to find the total amount of an amount of $500 principal earning 4% compounded quarterly after 6 years.

To solve our given problem we will use compound interest formula to solve our given problem.

, where,

A = Final amount after t years,

P = Principal amount,

r = Interest rate in decimal form,

n = Number of times interest is compounded per year,

t = Time in years.

First of all, we need to convert our given interest rate in decimal form.

Upon substituting our given values in above formula we will get,

Therefore, there will be an amount of $634.87 in the account after 6 years.

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