SOLUTION: 7000 deposit compound interest compounded quarterly at 4.75% for 5 years

Question 961178: 7000 deposit compound interest compounded quarterly at 4.75% for 5 years

Answer by KMST(5328) (Show Source): You can put this solution on YOUR website!
The interest rate represents a ratio of 4.75 to 100:

There are quarters in a year, so the interest paid each quarter will be
,
at the end of that quarter will be paid as interest.
Then, at the end of that quarter,
you will have a balance of .
If that happens every quarter for ,
and your initial deposit is ,
you end up with
(rounded to the nearest cent).
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