Answer:
$18,862.91
Step-by-step explanation:
The appropriate formula is ...
A = P(1 +r/n)^(nt)
where P is the amount invested (14,000), r is the APR (.05), n is the number of times per year interest is compounded (4), and t is the number of years (6).
Filling in the numbers and doing the arithmetic, we get ...
A = 14,000(1 +.05/4)^(4·6) = 14,000·1.0125^24 ≈ 18,862.91
The balance after 6 years will be $18,862.91.
