Meg invested $16,000 in a savings account. if the annual interest rate is 6%, how much will be in the account in 5 years for quarterly compounding? round your answer to two decimal places.

The amount of interest due each period expressed as a percentage of the amount lent, deposited, or borrowed is known as an interest rate (called the principal sum).
The total interest on a loaned or borrowed sum is determined by the principal amount, the interest rate, the frequency of compounding, and the period of time the loan, deposit, or borrowing took place.
The interest rate over a year is known as the annual interest rate.
Other interest rates are applicable over shorter time frames, such a day or a month, but they are typically annualized.

An account in a retail bank is a savings account.
Common characteristics include having a finite number of withdrawals allowed, not having check or connected debit card facilities, having few transfer choices, and not being able to become overdrawn.
Savings account transactions were typically recorded in a passbook in the past, hence the term "passbook savings accounts," and bank statements were not typically supplied.
Nowadays, same transactions are typically recorded electronically and are available online.

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