Answer:
A = $3136.51875
Explanation:
Given that :
The principal = $3,000.00
Rate = 9%
Time = 6 months
Since the amount is compounded quarterly;
r = 9/4 = 2.25 %
t = 6 months = 2 quarter
Using the formula:
A = P(1+r/100)^t
A = 3000.00(1+ 2.25/100)^2
A = 3000.00( 1+ 0.0225)^2
A = 3000.00 (1.0225)^2
A = 3000.00 (1.04550625)
A = $3136.51875
