Answer:
$10,306.21
Step-by-step explanation:
Lets use the compound interest formula provided to solve this:
[tex]A=P(1+\frac{r}{n} )^{nt}[/tex]
P = initial balance
r = interest rate (decimal)
n = number of times compounded annually
t = time
First, lets change 5.2% into a decimal:
5.2% -> [tex]\frac{5.2}{100}[/tex] -> 0.052
Since the interest is compounded quarterly, we will use 4 for n. Lets plug in the values now:
[tex]A=5,000(1+\frac{0.052}{4})^{4(14)}[/tex]
[tex]A=10,306.21[/tex]
The account balance will be $10,306.21
