Answer:
$2774.47
Step-by-step explanation:
To find how much Antuan's ending balance will be, we can use the formula for compound interest.
[tex]A=P(1+\dfrac{r}{n})^{nt}[/tex]
The values that we currently have are:
P = 2590
t = 3
n = 4 quarterly
r = 2.3% or 0.023
Now we can plug these values into our formula.
[tex]A=P(1+\dfrac{r}{n})^{nt}[/tex]
[tex]A=2590(1+\dfrac{0.023}{4})^{4(3)}[/tex]
[tex]A=2590(1+0.00575)^{12}[/tex]
[tex]A=2590(1.00575)^{12}[/tex]
[tex]A=2774.47[/tex]
So Antuan's ending balance will be $2774.47.
