Answer:
In 5 years the account will be $ 21,549.68.
Step-by-step explanation:
Given that Meg invested $ 16,000 in a savings account, if the annual interest rate is 6%, to determine how much will be in the account in 5 years for quarterly compounding, the following calculation must be performed:
16,000 x (1 + 0.06 / 4) ^ 5x4 = X
16,000 x 1,015 ^ 20 = X
16,000 x 1.34685500 = X
21,549.68 = X
Therefore, in 5 years the account will be $ 21,549.68.
