n is the number of times compounding happens in a year <u><em>(annual means n=1, compounding semi-annually means n=2, compounding quarterly means n=4 etc.)</em></u>
t is time in years
We need to solve for P. From the given information, we can write:
(since compounded quarterly)
Plugging in all the information in the equation, we get:
Alicia's account balance at end of 7 years is $39,446.4.