Question 1170113
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Original value: $5000
annual interest rate: 4%
quarterly interest rate: (1/4) of 4% = 1% = 0.01
quarterly growth factor: 1+0.01 = 1.01
number of quarters in 7 years: 7*4=28
growth factor over 7 years (28 quarters): 1.01^28<br>
value after 7 years: original value, multiplied by the growth factor:<br>
{{{5000(1.01^28)}}}<br>
Use a calculator....<br>