Question

Help!!

A $40,000 does it with a 1.5% interest rate compounded quarterly for 6 years.

Answer 1

Answer: The total amount at the end of 6 years would be $47,971.27.

Explanation:

1. Calculate the quarterly interest rate (1.5/4) = 0.375%

2. Calculate the number of quarters (6 years * 4 quarters) = 24 quarters

3. Calculate the amount after 6 years = $40,000 * (1 + 0.00375)^24 = $47,737.91