Answer:
Principal (P)= $ 360
Rate of Interest = 4 %
Time =18 years
Interest is Compounded Quarterly.
In a year there are 4 Quarters.So, Time =72 Quarters
New Rate of Interest
[tex]=\frac{4}{4}\\\\=1 \text{percent}[/tex]%
Amount after 18 years
[tex]=P \times [1+\frac{R}{100}]^n\\\\=360 \times [1+\frac{1}{100}]^{72}\\\\=360 \times (1.01)^{72}\\\\=360 \times 2.0470\\\\=736.955[/tex]
=$ 737.96
