Answer:
Balance in 5 years = 6489.79 (to the nearest $0.01)
Step-by-step explanation:
Future value
FP = P(1+i)^n
P=initial deposit=5000
i = interest per period=5.25/4
n = number of periods=4*5=20
FP
= P(1+i)^n
= 5000( 1 + 0.0525/4 )^20
= 5000*1.297958012811783
= 6489.79 (to the nearest $0.01)
