Answer:
The interest is equal to [tex]\$430.84[/tex]
Step-by-step explanation:
we know that
The compound interest formula is equal to
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]
where
A is the Final Investment Value
P is the Principal amount of money to be invested
r is the rate of interest in decimal
t is Number of Time Periods
n is the number of times interest is compounded per year
in this problem we have
[tex]t=6\ years\\ P=\$3,700\\ r=0.0184\\n=4[/tex]
substitute in the formula above
[tex]A=\$3,700(1+\frac{0.0184}{4})^{4*6}=4,130.84[/tex]
Find the interest
[tex]I=A-P[/tex]
substitute
[tex]I=\$4,130.84-\$3,700=\$430.84[/tex]
