If $$ 950$ are deposited into an account with $5 %$ interest rate, compounded quarterly, what is the balance after 4 years?
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Calculating the above expression gives the final balance after 4 years, rounded to the nearest cent, as $$ 1, 215.89$ .

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Step 1 ：In the first quarter, the account earns $\frac{0.05}{4} ($ 950)$ in interest, so the balance is $$ 950 + \frac{0.05}{4} ($ 950) = (1 + \frac{0.05}{4}) ($ 950)$ .

Step 2 ：Similarly, the value of the account is multiplied by $1 + \frac{0.05}{4}$ each quarter.

Step 3 ：So after 4 years, which is $4 \cdot 4 = 16$ quarters, the balance is ${(1 + \frac{0.05}{4})}^{4 \cdot 4} ($ 950)$ .

Step 4 ：Calculating the above expression gives the final balance after 4 years, rounded to the nearest cent, as $$ 1, 215.89$ .

If $950 are deposited into an account with 5% interest rate, compounded quarterly, what is the balance after 4 years?F=$[?]Round to the nearest cent.Enter

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If $$ 950$ are deposited into an account with $5 %$ interest rate, compounded quarterly, what is the balance after 4 years?
$F = $ [?]$
Round to the nearest cent.
Enter