If You Deposit $4000 Into An Account Paying 6% Annual Interest Compounded Quarterly, How Much Money

If you deposit $4000 into an account paying 6% annual interest compounded quarterly, how much money will be in the account after 5 years?

 

Answer:

After 5 years the money in the account $5,387.42

Step-by-step explanation:

p = present value $4,000

r = annual interest rate 6%

n = number of cycles in 1 year 4

t = time in years 5 years