Gabriel would have $5713.81 after 6 years by investing $4500 at a 4% interest compounded quarterly.
What is the quarterly compounded interest?
The quarterly compounded interest means the interest rate is compounded quarterly. In a year, the interest is compounded 4 times.
Principle amount after the quarterly compounded interest is
= P(1 + r/ n × 100)⁴ⁿ.
Where, P = principle, r = interest rate, n = number of times interest is compounded.
Gabriel will get $ after 6 years from the bank.
Given, invested amount(P) = $4,500.
Interest rate(4) = 4% (quarterly compounded).
Time period(n) = 6 years.
After 6 years, the invested amount will be = P(1 + r/ n × 100)⁴ⁿ
= $4500(1 + 4/4 × 100)⁴ˣ⁶ = $4500(1 + 0.01)²⁴ = $5713.81.
Learn more about quarterly compounding interest here: https://brainly.com/question/13160996
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