Answer:
After 5 years.
Explanation:
The formula for compound interest is:
A=P(1+nr)nt
where:
(A) is the amount of money accumulated after (n) years, including interest.
(P) is the principal amount (the initial amount of money).
(r) is the annual interest rate (in decimal form).
(n) is the number of times that interest is compounded per year.
(t) is the time the money is invested for in years.
Given your values:
(P = $14,000)
(r = 6% = 0.06)
(n = 4) (quarterly compounding means 4 times a year)
(t = 5) years
Substituting these values into the formula, we get:
A=$14,000(1+40.06)4×5
Calculating this will give you the total amount after 5 years.