Question 448368
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Jim opens a savings account with a deposit of $10,000. If the account has an annual interest rate of 6%, 
compounded quarterly, how much is in the account after one year.
Can you show me steps on how to work this problem. It's been years since I had algebra. Thank you so much.
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        The solution in the post by @manant is presented incorrectly/inaccurately.

        I came to bring a correct/accurate solution in the form as it SHOULD be presented.



Principal P = 10,000
Amount = A
years  = 1
compounded 4 times a year
Rate = 6% = 0.06.


Amount = {{{P*(1+0.06/4)^4}}} = {{{10000*(1.015)^4}}} = 10613.64.    &nbsp;&nbsp;&nbsp;&nbsp;<U>ANSWER</U>


Solved.