Answer:
[tex]6370.78\\[/tex]
Step-by-step explanation:
The amount collected when compounded monthly [tex]A = P (1 + \frac{r}{n})^{nt} \\[/tex]
Where,
A = Total Amount (principal + interest)
P = Principal Amount
I = Interest Amount
r = Monthly nominal interest Rate
t = Time Involved in years
n = number of compounding periods per unit
Substituting the values in above equation, we get -
[tex]A = P (1 + \frac{r}{n})^{nt}\\= 6000 (1 + \frac{1.5}{100 *12} )^{12 x 4}\\= 6370.78\\[/tex]
