pls. solve this problem: Find the accumulated amount of $500 compounded quarterly at 6% interest for 1 year?

Answer 1

The answer is $530.68.

A = P(1 + r/m)^mt

In the formula for compound interest, m is the number of times money is compounded in one year.
compounded annually means money is compounded once a year, so m = 1
compounded semi - annually means money is compounded twice a year, so m = 2
compounded quarterly means money is compounded 4 times a year, so m = 4

Substituting you will get $530.68.

Another way is explained in this link.

http://www.webmath.com/cgi-bin/compinterest.cgi?back=compinterest.html&principal=500&interest=6&compound=4&desired_time=1