[tex]\begin{gathered} 7\text{ percent interest compounded quarterly after 5 years} \\ 500\text{ in the account} \\ the\text{ }compound\text{ interest formula is given by} \\ A=P(1+\frac{r}{n})^{nt} \\ \text{where, r is the rate} \\ P\text{ the principal} \\ n\text{ number of years} \\ \text{t is the time} \\ A\text{ the amount} \\ by\text{ substituying values, we have:} \end{gathered}[/tex][tex]\begin{gathered} A=P(1+\frac{r}{n})^{nt} \\ A=500(1+\frac{0.07}{\frac{1}{4}})^5 \\ A=500(1+0.28)^5 \\ A=500(3.43) \\ A=1717.98 \end{gathered}[/tex]
