Frederick deposited $200 in the bank. the bank paid him interest compounded quarterly at the rate of 5 percent per year.

how much money will he have in his account at the end of 6 months?

$205.03

$205

$10

$5.03

A) $205.03

The formula for calculating compounded interest is , where r is the rate of change (0.05), n is the number of times per year interest is compounded (4), s is the starting amount (200), and t is the number of years (0.5).

Substitute these values in to get . The fraction can be simplified further to get .

Now simplify the multiplication in the exponent to get . Then solve the exponent.

Finally, multiply. You end up with $205.03125, which can be rounded to $205.03.

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