Answer:
The balance of Kylee's account after all the interest is paid for the year is $6131.76.
Step-by-step explanation:
Formula for compounded quarterly
[tex]Amount = P(1 + \frac{r}{4})^{4t}[/tex]
Where P is the principle , r is the rate of interest in the decimal form and t is the time in years.
As given
The APR of Kylee's savings account is 5.6%, and interest is compounded quarterly. If the principal in Kylee's savings account was $5800 for an entire year.
Here
P = $5800
5.6 % is written in the decimal form.
[tex]= \frac{5.6}{100}[/tex]
= 0.056
r = 0.056
t = 1 year
put in the formula
[tex]Amount = 5800(1 + \frac{0.056}{4})^{4}[/tex]
[tex]Amount = 5800(1 + 0.014)^{4}[/tex]
[tex]Amount = 5800(1.014)^{4}[/tex]
[tex]Amount = 5800\times 1.0572\ (Approx)[/tex]
Amount = $6131.76
Therefore the balance of Kylee's account after all the interest is paid for the year is $6131.76.
