Answer:
The amount is $1346.86 and the interest is $346.86.
Step-by-step explanation:
To start, use the formula A = P(1+[tex]\frac{r}{n}[/tex])ⁿ°ᵇ [In this case b = time in years]
So, P = $1000, r = 6$, n = 4 and B = 5 years
After plugging it in you get,
A = 1000(1+[tex]\frac{.06}{4}[/tex])⁴°⁵
A = 1000 x 1.015^20
A = 1000 x 1.346855
A = 1346.86
To find the interest, use the formula A= P + I; Since A = 1346.86 and P = 1000 you get:
1346.86 = 1000 + I
I = 1346.86 - 1000
I = 346.86
Then you're finished! Hope this helped!
Brainliest would be appreciated! :)
