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
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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.
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= 0.056
r = 0.056
t = 1 year
put in the formula
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Amount = $6131.76
Therefore the balance of Kylee's account after all the interest is paid for the year is $6131.76.
