Jonathan deposits $6,000 in a savings account that pays 2.1% interest compounded quarterly. What is his balance after one year?

Given:

Principal= $6000

Rate of interest = 2.1% compounded quarterly.

To find:

The balance after one year.

Solution:

The formula for amount is:

Where, P is principal, r is rate of interest, n is number of times interest compounded in an year and t is number of years.

We have, P=6000, r=0.021, n=4 and t=1.

Putting these values in the above formula, we get

Therefore, the balance after one year is $6126.996.

slope is 35 and 20 miles is the y-intercept.

step-by-step explanation: