Using the compound interest formula:
[tex]A=P(1+\frac{r}{n})^{nt}[/tex]Where:
A = Amount
P = Principal = 54000
r = Interest rate = 5.25% = 0.0525
n = Number of times the interest is compounded per year = 12
t = Number of years = 6
So:
[tex]\begin{gathered} A=54000(1+\frac{0.0525}{12})^{12\cdot6} \\ A\approx73943.18 \end{gathered}[/tex]Answer:
The balance is $73943.18
