The formula for compound interest is given by:
A = P(1 + r/n)^(nt)
Where:
A = final amount
P = principal (initial amount)
r = annual interest rate (as a decimal)
n = number of times the interest is compounded per year
t = time (in years)
Using this formula, we can calculate the final amount of the CD as follows:
A = 2250(1 + 0.03/4)^(4*2)
A = 2250(1 + 0.0075)^8
A = 2250(1.0075)^8
A = 2250(1.063853)
A = $2398.12 (rounded to the nearest cent)
Therefore, the CD will be worth approximately $2398.12 at maturity.