Suppose that when your friend was born, your friend's parents deposited $5000 in an account paying
5.2% interest compounded
quarterly. What will the account balance be after
14years?

$10,306.21

Step-by-step explanation:

Lets use the compound interest formula provided to solve this:

P = initial balance

r = interest rate (decimal)

n = number of times compounded annually

t = time

First, lets change 5.2% into a decimal:

5.2% -> -> 0.052

Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:

The account balance will be $10,306.21