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Answer :
Final answer:
Zeke will have approximately $7,964.47 at the end of 7 years.
Explanation:
To calculate the amount Zeke will have at the end of 7 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
- A is the final amount
- P is the principal amount (initial investment)
- r is the annual interest rate (6% or 0.06)
- n is the number of times interest is compounded per year (quarterly, so n = 4)
- t is the number of years (7)
Plugging in the values, we get:
A = $5,000(1 + 0.06/4)^(4*7)
Simplifying the equation, we have:
A = $5,000(1 + 0.015)^(28)
A = $5,000(1.015)^(28)
Using a calculator, we find that:
A ≈ $7,964.47
Therefore, Zeke will have approximately $7,964.47 at the end of 7 years.
Learn more about calculating compound interest here:
https://brainly.com/question/31477844
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