You deposit $975.52 in a bank account. Find the balance after 4 years if the account pays 7.25% annual interest compounded quarterly

The final ballance will be $1300.37.

Step-by-step explanation:

In this case we have a compounded interest, in order to calculate the final balance we need to use the following formula:

S = P (1 + r/n) ^ (n*t)

Where S is the final balance, P is the initial investment, r is the rate of interest, t is the time and n is the rate at which it is compounded. Since we have all the values we can directly apply to the formula as follows:

S = 975.52 * (1 + 0.0725/4) ^ (4*4)

S = 975.52 * (1.018125) ^ (16)

S = 975.52*1.333

S = 1300.37

The final ballance will be $1300.37.