Answer:
Step-by-step explanation:
Use the formula
[tex]A(t)=P(1+\frac{r}{n})^{(n)(t)}[/tex]
where A(t) is the amount after all the compounding is done, P is the initial investment, r is the interest rate as a decimal, n is the number of times the investment is compounded each year, and t is time in years. For us,
P = 6050
r = .046
n = 4
t = 6
A(t) = ?
Filling in our given info:
[tex]A(t)=6050(1+\frac{.046}{4})^{(4)(6)}[/tex]
which simplifies to
[tex]A(t)=6050(1+.0115)^{24}[/tex]
which simplifies a bit more to
[tex]A(t)=6050(1.0115)^{24}[/tex] and
A(t) = 6050(1.31577397) so
A(t) = $7960.43
which is choice C
