Question 1134286
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The annual interest rate is 7%; the quarterly interest rate is one-fourth of that, 1.75%.<br>
Each quarter, the value of the account increases by 1.75%; the growth factor is 1+.0175 = 1.0175.<br>
5 years is 5*4=20 quarters; the growth factor gets applied 20 times.  The value at the end of 5 years is<br>
{{{24000*(1.0175)^20}}}<br>
Use a calculator.