Trella alcala deposited 1,950 in a new credit union savings account on the first of the quarter the principal earns 4.25 percent interest compound quarterly she made no other deposits or withdrawals

What was the amount in her account at the end of 6 months

What is the compound interest

Amount in compound interest = p (1 + r/t) ^nt where p is the initial deposit, r = rate, t = number of compunding in a period and n = period.

Here, Amount after 6 months (0.5 year) = 1,950 (1 + (4.25/100) / 4) ^ (0.5 x 4) = 1,950 (1 + 0.0425/4) ^2 = 1,950 (1 + 0.010625) ^2 = 1,950 (1.010625) ^2 = 1,950 (1.0213629) = $1,991.66

Compound interest = Amount - principal (initial deposit) = $1,991.66 - $1,950 = $41.66