Final answer:
The future amount after three months of investing $3000 each quarter at an interest rate of 0.57% can be calculated using the formula for compound interest.
Step-by-step explanation:
To calculate the amount after three months of investing $3000 each quarter at an interest rate of 0.57%, we need to use the formula for compound interest:
A = P(1 + r/n)nt
Where:
- A is the future amount
- P is the principal amount ($3000)
- r is the annual interest rate (0.57%)
- n is the number of times interest is compounded per year (4 times because it's quarterly)
- t is the number of years (3 months = 0.25 year)
Substituting the values into the formula:
A = 3000(1 + 0.0057/4)4(0.25)
Using a calculator, the amount after three months will be approximately $3038.01.