The formula for annual compound interest is A = P (1 + r/n) ^ nt:
Where:
A = the future value of the investment/loan, including interest
P = the principal investment amount (the initial deposit or loan amount)
r = the annual interest rate (decimal)
n = the number of times that interest is compounded per year
t = the number of years the money is invested or borrowed for
A = P (1 + r/n) ^ nt
A= 5000(1+0.0375/4)^4*6
A= 5000(1+0.0375/4)^24
A=$6255.05 (future Value)