Question

You invest $5,000 in a savings account paying 4% interest compounded quarterly. How much is in the account after 5 years if there are no withdrawals and no additions to the account?

Answer 1

A=P(1+R)TIME
   5000(1+0.04)^5
= 6083.264512
NOTE THE 5 IS WRITTEN AS A SQUARE

Answer 2

1 years is $5200
2 years is $5408
3 years is $5624.32
4 years is $5849.29
5 years is $6083.26