Find the amount of money in an account after 7 years if $4700 is deposited at 7% annual interest compounded quarterly.

Answer 1

The fprmula you need is:

fv=p(1+int/c)^(nc)

future value

principal

int 7‰=.07

compounded

years

$7639.44

Answer 2

A = 4700(1 + 0.07/4)⁽⁴⁾⁽⁷⁾

Can you calculate and answer?