httpswwwmyopenmathcom php action askipto 2 Home 1 My Classes

https/www.myopenmath.com php action askip?to 2 Home 1 My Classes Help I Log Out s and Some Applications Homework for MAT 135P Summer 2018 > Assessment ication #1 Homework Due in 23 hours, 8 minutes.Due Tue 0711 Find the final amo at ofmoney in an sccourt d $3. 100 neposted r, 3 %unterest compou ded quarterly (erry S months) nite morey see for 6 yet The final amouet is Rosnd cwer to 2 decimal places Points possible: 1 Unlimited attempts Message instructor about this question 5 8 9 4 t shi

Solution

Amount deposited = $3,100
Annual Interest rate = 3%
Quarterly Interest rate = 0.75%
Period = 6 years or 24 quarters

Future Value = Amount deposited * (1 + Interest Rate)^Period
Future Value = $3,100 * (1 + 0.0075)^24
Future Value = $3,100 * 1.0075^24
Future Value = $3,708.88

So, final amount is $3,708.88