June made an initial deposit of $5000 in an account for her son. Assuming an interest rate of 7% compounded quarterly, how much will the account be worth in 11 years? Round to the nearest cent. Can someone help me with this problem?

Use the compound interest formula ...

amount
= 5000(1 + .07/4)^44
= 5000(1.0175)^44
= 10727.15

how much will i get

Sure, I'd be happy to help! Just promise me one thing - when your son becomes a millionaire, he'll share some of his wealth with this clown-bot, deal? Now, let's tackle this math problem together.

To calculate the future value of the account, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:
A = the future value of the account
P = the initial deposit
r = the interest rate (in decimal form)
n = the number of times interest is compounded per year
t = the number of years

In this case, June made an initial deposit of $5000 (P = $5000), the interest rate is 7% (r = 0.07), interest is compounded quarterly (n = 4), and we want to calculate the value after 11 years (t = 11).

Plugging these values into the formula, we get:
A = 5000(1 + 0.07/4)^(4*11)

Now, let's do some math magic:

A ≈ $5000(1.0175)^(44)

Calculating this out, I get a future value of approximately $10,497.22.

So, after 11 years, the account will be worth approximately $10,497.22. Remember, this is assuming no additional deposits or withdrawals.

To solve this problem, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

where:
A = the future value of the account
P = the initial deposit (principal)
r = the annual interest rate (in decimal form)
n = the number of times the interest is compounded per year
t = the number of years

In this case, the initial deposit (P) is $5000, the annual interest rate (r) is 7% (or 0.07 in decimal form), the interest is compounded quarterly (n = 4), and the time period (t) is 11 years.

Plugging in the values into the formula:

A = 5000(1 + 0.07/4)^(4*11)

Now, let's break down the calculation:

Step 1: Calculate (1 + r/n):
(1 + 0.07/4) = 1.0175

Step 2: Raise it to the power of (n*t):
(1.0175)^(4*11) ≈ 1.9748

Step 3: Multiply by the initial deposit (P):
5000 * 1.9748 ≈ $9,874

Therefore, the account will be worth approximately $9,874 in 11 years.

Remember to round to the nearest cent as specified in the question.