Answer:
A = $759.23 after 5 years
Explanation:
The compound interest formula applicable here is
A = P(1 + r/n)^(nt), where n is the number of compounding periods per year.
Here P = $550, r = 0.065, n = 4 and t = 5.
We get A = $550(1 + 0.065/4)^(4*5), or
A = $550(1 + 0.01625)^20, or:
A = $759.23