Answer:
$6769
Step-by-step explanation:
To calculate the amount, we make use of the compound interest formula
A = P(1+r/n)^nt
where A is the amount which we are to calculate
P is the amount deposited which is $5,600
r is the rate which is 1.9% or 1.9/100 = 0.019
t is the number of years = 10
n is the number of times the interest is compounded per year which is 4(quarterly means every 3 months and there are 4 quarters in a year)
Plugging all these values, we have
A = 5,600(1+ 0.019/4)^40
A = 5,600( 1 + 0.00475)^40
A = 5,600(1.00475)^40
A = $6768.75
Which is $6769 to the nearest dollars
