If on the first of January a savings account has a balance of $3200 what amount will be in this account after three years if the bank gives 6% per year interest compounded quarterly?Assume that there are no deposits or withdrawals of money during these three years.

What is 3200(1+.06/4)^3*4 ?

3200(1+.06/4)3*4

To calculate the amount in the savings account after three years with 6% annual interest compounded quarterly, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = The final amount
P = The initial balance (3200 in this case)
r = The annual interest rate (6% or 0.06)
n = The number of times the interest is compounded per year (4 times in this case, quarterly)
t = The number of years (3 years in this case)

Let's substitute the given values into the formula:

A = 3200(1 + 0.06/4)^(4*3)

First, we simplify the expression inside the brackets:

A = 3200(1 + 0.015)^(12)

Next, calculate the exponent:

A = 3200(1.015)^(12)

Now, we can find the final amount by multiplying:

A = 3200 * 1.1977758189381599

The final amount in the savings account after three years will be approximately $3,832.09.