Answer:
$1,507.08
Step-by-step explanation:
You are going to want to use the compound interest formula, which is shown below.
[tex]P=A/(1+\frac{r}{n})^{nt}[/tex]
A = total balance
r = interest rate
n = number of times compounded annually
t = time
First, change 3% into its decimal form:
3% -> [tex]\frac{3}{100}[/tex] -> 0.03
Next, plug in the values:
[tex]A=1,750/(1+\frac{0.03}{4})^{4(5)}[/tex]
[tex]A=1,507.08[/tex]
Your answer is $1,507.08
