Answer:
$564.55
Step-by-step explanation:
#First, we determine the effective annual interest applicable given a 6% rate compounded quarterly:
[tex]i_m=(1+i/m)^m-1\\\\=(1+0.06/4)^4-1\\\\=0.06136[/tex]
We know that interest earned is equal to the accumulated value minus the initial investment amount or principal.
-Given the final value is $1489.55 and the initial amount is $925, the interest earned is calculated as;
[tex]I=A-P\\\\=1489.55-925\\\\=564.55[/tex]
Hence, the amount of interest earned is $564.55