7) Five thousand dollars is invested at an interest rate of 3.5% compounded quarterly. No money is deposited or withdrawn from the account. Using the formula below, determine,
to the nearest cent, how much this investment will be worth in 18 years. (A = amount,
P = principal, r= interest rate, n = number of times the interest rate compounded annually,
1 = time in years] [Show all work.]
A = P(1 + r/n)^nt