A bank account pays 12% nominal interest with quarterly compounding. A series of deposits started with a deposit of $5,000 on January 1, 2012. Deposits in the series will occur each six months. The last deposit in the series will occur on July 1, 2015. What balance will the account have on July 1, 2020 if the balance was zero prior to the first deposit and no withdrawals are made? Assume July 1, 2011 as time zero.
Can you please show some work to make it more understandable?