Answer:
$2273.19
General Formulas and Concepts:
Pre-Algebra
Order of Operations: BPEMDAS
- Brackets
- Parenthesis
- Exponents
- Multiplication
- Division
- Addition
- Subtraction
Algebra I
Compound Interest Rate Formula: [tex]\displaystyle A = P(1 + \frac{r}{n})^{nt}[/tex]
- A is final amount
- P is principle amount
- r is rate
- n is compound rate
- t is time (in years)
Step-by-step explanation:
Step 1: Identify Variables
P = $1900
r = 3% = 0.03
n = 4
Step 2: Solve for A
- Substitute [CIRF]: [tex]\displaystyle A = 1900(1 + \frac{0.03}{4})^{4(6)}[/tex]
- (Parenthesis) Divide: [tex]\displaystyle A = 1900(1 + 0.0075)^{4(6)}[/tex]
- (Parenthesis) Add: [tex]\displaystyle A = 1900(1.0075)^{4(6)}[/tex]
- (Exponents) Multiply: [tex]\displaystyle A = 1900(1.0075)^{24}[/tex]
- Exponents: [tex]\displaystyle A = 1900(1.19641)[/tex]
- Multiply: [tex]\displaystyle A = 2273.19[/tex]
