\(A=P(1+ \frac{r}{n} )^{nt}\) 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
\(A=5000(1+ \frac{0.7}{4} )^{4*4}\)
\(A=5000(1+ 0.175 )^{16}\)
\(A=5000(1.175 )^{16}\)
A=66004.853
answer is $66004.85
