Zach deposited $4,000 into an account that earns 6% annual interest compounded quarterly. He did not make any deposits or withdrawals. How much money was in the account after 5 years?

Answer 1

The interest rate is 6% per year, so the quarterly interest rate is 6%/4 = 1.5% per quarter.
After 5 years, there are 5*4 = <<5*4=20>>20 quarters.
The interest earned for each quarter is 4000*$0.015 = $<<4000*0.015=60>>60.
The principal amount is $4000.
After 5 years, the account will have 4000+ 60*20 = $<<4000+60*20=5200>>5200. Answer: \boxed{5200}.