If 13000 is deposited in a bank account paying 5 compounded

If $13,000 is deposited in a bank account paying 5% compounded quarterly, what amount will be in the account after 9 years? How much interest will be earned during the 9 years?

Solution

principal = $ 13000 ; rate = 5% compounding quartely ; t= 9yrs

Amount = principal( 1+ rate/n)^(nt) = 13000( 1+ 0.05/4)^36

= 13000(1.564)

= $ 20331.27