Algebra help? What am I doing wrong?
Suppose that when your friend was born, your friend's parents deposited $8,000 in an account paying 4.9% interest compounded quarterly. What will the account balance be after 14 years? Round to the nearest cent as needed.
So I used the equation A = P (1 + r/n)^nt to get 8000 (1 + 0.049/1)^1 * 14 = 8000 * 1.049^14. And for my answer I got $15,629.56. But it's telling me the answer is wrong and it's actually $15,819.98. How do I solve this and get the correct answer? Steps please.

Question

Algebra help? What am I doing wrong? 
Suppose that when your friend was born, your friend's parents deposited $8,000 in an account paying 4.9% interest compounded quarterly. What will the account balance be after 14 years? Round to the nearest cent as needed.
So I used the equation A = P (1 + r/n)^nt to get 8000 (1 + 0.049/1)^1 * 14 = 8000 * 1.049^14. And for my answer I got $15,629.56. But it's telling me the answer is wrong and it's actually $15,819.98. How do I solve this and get the correct answer? Steps please.

anonymous · Answer

8000(1+.049/4)^4*14 because it's compounded quarterly, n=4

anonymous · Answer

Ohhhhh, haha derp. My bad. thanks.

anonymous · Answer

Haha, no problem. Easy mistake!