He has $4,700 to invest today for a period of two years. You identify a bank CD that pays an interest rate of 0.

Your brother has asked you to help him with choosing an investment. He has $4,700 to invest today for a period of two years. You identify a bank CD that pays an interest rate of 0.0500 annually with the interest being paid quarterly. What will be the value of the investment in two years?

Below is the formula and please provide not just the result but the breakdown:

FV2 = PV * (1 + {I}/4)8