Refer to narrative 11-1. calculate the compound interest on an investment of $45,000 at 6% interest, compounded quarterly, for 3 years.

$880.28

Step-by-step explanation:

We are asked to find the compound interest on an investment of $45,000 at 6% interest, compounded quarterly, for 3 years.

We will use compound interest formula.

, where,

A = Amount after T years,

P = Principal amount,

r = Annual interest rate in decimal form,

n = Number of times interest is compounded per year,

T = Time in years.

Interest would be final amount minus principal amount.

Therefore, the amount of interest after 3 years would be $880.28.