You put $5,000 in an account that is compounded quarterly. The annual interest rate,
r, is 4%. How much will be in the account after 10 years? Use the formula below.

$7444.32

Step-by-step explanation:

compound interest which is expressed as

A = P(1+r/n)^nt

Where

A = total amount in the account at the end of t years

r represents the interest rate.

n represents the periodic interval at which it was compounded.

P represents the principal or initial amount deposited

From the information given,

P = $5000

r = 4% = 4/100 = 0.04

n = 4 because it was compounded 4 times in a year.

t = 10 years

Therefore,

A = 5000(1 + 0.04/4)^4 × 10

A = 5000(1 + 0.01)^40

A = 5000(1.01)^40

A = $7444.32

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step-by-step explanation: