Me as soon as possible.
a deposit of $6000 is made in an account that earns 6% interest compounded quarterly. the balance in the account after n quarters is given by the sequence
an=6000(1+0.06/4)ⁿ, n=1, 2, 3, …
find the balance in the account after five years. round to the nearest cent.

Total = Principal * (1 + rate/n)^(n*years)
where "n" is the number of compounding periods per year
Total = 6,000 * (1 + .06/4)^(4*5)
Total = 6,000 * (1 + .015)^(20)
Total = 6,000 * 1.3468550066
Total = 8,081.13

Source:
http://www.1728.org/compint.htm

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