Given:
Amount paid is, p = $110.
Interest rate is, r = 6%=0.06.
Nmber of years, t = 5 years.
Number of times per year is, n = 3 (each quarter).
The objective is to find the future values compounded quarterly.
The general formula to find the compound interest is,
[tex]A=P(1+\frac{r}{n})^{n(t)}[/tex]Substitute the given values in the above equation.
[tex]\begin{gathered} A=110(1+\frac{0.06}{3})^{3(5)} \\ A=110(1+0.02)^{15} \\ A=148.05 \end{gathered}[/tex]Hence, the future value is .
