A = final balance
P = original investment ($1,000)
r = interest rate (0.0475)
t = number of years investment is held in the account (5)
n = number of times the investment is compounded per year ('quarterly' means that the investment is compounded four times a year, so n = 4)
A = $1,000(1 + 0.0475/4)^(4*5)
A = $1,000(1.011875)^20
A = $1,000(1.26630)
A = $1,266.30
yeah
Michael decides to invest $1,000 into a bank account that will yield 4.75% interest, compounded quarterly. Which equation should Michael use to calculate the account balance after 5 years
