Answer: $22,063.2
Step-by-step explanation:
quarterly means that 4 times per year this interest, the balance can be find by the equation:
A = P*(1 + r/4)^(4*t)
Where P is the initial value, r is the rate of increase (7.3% in this case, but remember that you must use the decimal form; 0.073) and t is the number of years:
so we have:
B = $6,000*( (1 + 0.073/4)^(4*18) = $22,063.2
