Suppose $1750 is put into an account that pays an annual rate of 4.5%

compounded quarterly. How much will be in the account after 6 years? (round to the hundredth place)

The amount in the account after six years is $2,288.98

Step-by-step explanation:

In this question, we are asked to calculate the amount that will be in an account that has a principal that is compounded quarterly.

To calculate this amount, we use the formula below

A = P (1+r/n) ^nt

Where P is the amount deposited which is $1,750

r is the rate which is 4.5% = 4.5/100 = 0.045

t is the number of years which is 6 years

n is the number of times per year, the interest is compounded which is 4 (quarterly means every 3 months)

we plug these values into the equation

A = 1750 (1 + 0.045/4) ^ (4 * 6)

A = 1750 (1 + 0.01125) ^24

A = 1750 (1.01125) ^24

A = 2,288.98

The amount in the account after 6 years is $2,288.98