Malik fulton savings account has a principal of $1,650. It earns 6% interest compounded quartely. What is the amount at the end of the second quarter?

Given that

Principal = $1650

Rate of interest = 6% per year

And Interest is compounded quarterly

Formula for Amount of compond interest is as follows

Amount = Principal * (1 + (r/100)) ^n

in our case

Principal = 1650

r = rate of interest for a quarter = 6/4 = 1.5%

n = number of times interest calculated, and since interest is compounded quarterly, in two quarters two times interest is calculated. so n = 2

Putting this values in above formula

Amount = 1650 (1 + (1.5) / 100) ^2 = $1699.87

So Malik fulton saving account will have $1699.87

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