Suppose that when your friend was born, your friend's parents deposited $ 2000 in an account paying 6.3% interest compounded quarterly. what will the account balance be after 18 years?

  $6161.43

Step-by-step explanation:

The compound interest formula applies.

  A = P(1 + r/n)^(n·t)

where A is the account balance, P is the principal amount ($2000), r is the annual interest rate (0.063), n is the number of compoundings per year (4), and t is the number of years (18).

Filling in the given numbers, you have ...

  A = $2000·(1 +.063/4)^(4·18) ≈ $6161.43

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