Answer:
$2,895.19
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate
n = number of times compounded annually
t = time
First, change 8% into its decimal form:
8% -> [tex]\frac{8}{100}[/tex] -> 0.08
Now lets plug in the values into the equation:
[tex]A=1,800(1+\frac{0.08}{4} )^{6(4)}[/tex]
[tex]A=2,895.19[/tex]
The final amount for this investment is $2,895.19
