Answer:
A = $1,650.24
Explanation:
A = P(1 + r/n)^nt
Where
A = future value
P = present value = $1,600
r = interest rate = 3.1% = 0.031
n = number of periods = 4
t = time = 1 year
A = P(1 + r/n)^nt
= 1,600( 1 + 0.031 / 4)^4*1
= 1600( 1 + 0.00775)^4
= 1600(1.00775)^4
= 1600(1.0314)
= 1,650.24
A = $1,650.24