Given that
Principal = $1650
Rate of interest = 6% per year
And Interest is compounded quarterly
Formula for Amount of compond interest is as follows
Amount = Principal × ( 1 + (r/100))^n
in our case
Principal = 1650
r = rate of interest for a quarter = 6/4= 1.5%
n = number of times interest calculated , and since interest is compounded quarterly , in two quarters two times interest is calculated. so n = 2
Putting this values in above formula
Amount = 1650 ( 1 + (1.5)/100)^2 = $1699.87
So Malik fulton saving account will have $1699.87
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