Answer:
$3395.7
Explanation:
Principal = $2250
Rate = 4.6% = 0.046
Time (t) = 9 years
Number of times in a year(N) = 4 (since it's quarterly)
Compound interest (A) = P (1 + r/n)^nt
A = compound interest
P = principal amount
R = rate of the interest
N = number of times the interest is compounded
T = time duration
A = 2250 × (1 + 0.046/4)^(4 × 9)
A = 2250 × (1 + 0.0115)³⁶
A = 2250 × (1.0115)³⁶
A = 2250 × 1.5092
A = $3395.7
The interest compounded after 9 years is $3395.7