Answer:
$4242.60
Step-by-step explanation:
Principal, P = $3150
Rate = 6% = 0.06
Period, t = 5 years
Number of times compounded in a year, n = 4
Amount, A = P( 1 + r/n)^tn
A = 3150( 1 + 0.06/4)^ 5*4
A = 3150( 1 + 0.015 )^20
A = 3150( 1.015) ^20
A = 3150 *1.3468
A = $4242.60
