We will have an amount of $1,010.04 at the end of a year if you did not take out any funds.
The future value formula will be used to calculate the total balance after a year.
Given that: A = $1,000, i = 1%, n = 1, m = 4
Future value = $1,000 * (1 + 1%/4)^(1*4)
Future value = $1,000 * (1 + 0.0025)^4
Future value = $1,000 * 1.0025^4
Future value = $1,000 * 1.01003756254
Future value = $1,010.03756
Future value = $1,010.04
Therefore, we will have an amount of $1,010.04 at the end of a year if you did not take out any funds.
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