[tex]A=P(1+ \frac{r}{n} )^{nt}[/tex] where
A=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years
given
quarerly, means n=4
P=5000
r=0.07
t=4
[tex]A=5000(1+ \frac{0.7}{4} )^{4*4}[/tex]
[tex]A=5000(1+ 0.175 )^{16}[/tex]
[tex]A=5000(1.175 )^{16}[/tex]
A=66004.853
answer is $66004.85
