Answer:
His balance is $4,849.65 after 5 years
Step-by-step explanation:
A = P(1 + r/n)^nt
A = future value = ?
P = present value = $4,500
r = interest rate = 1.5% = 0.015
n = number of periods = 4
t = time = 5 years
A = P(1 + r/n)^nt
= 4,500(1 + 0.015/4)^4*5
= 4,500(1 + 0.00375)^20
= 4,500(1.00375)^20
= 4,500(1.0777)
= 4,849.65
A = $4,849.65
His balance is $4,849.65 after 5 years
