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A bank features a savings account that has an annual percentage rate of r=5.6% with interest compounded quarterly. Deja deposits $8,500 into the account.
The account balance can be modeled by the exponential formula S(t)=P(1+rn)nt, where S is the future value, P is the present value, r is the annual percentage rate written as a decimal, n is the number of times each year that the interest is compounded, and t is the time in years.
(A) What values should be used for P, r, and n?
P= , r= , n=
(B) How much money will Deja have in the account in 10 years?
Answer = $ .
Round answer to the nearest penny.
The account balance can be modeled by the exponential formula S(t)=P(1+rn)nt, where S is the future value, P is the present value, r is the annual percentage rate written as a decimal, n is the number of times each year that the interest is compounded, and t is the time in years.
(A) What values should be used for P, r, and n?
P= , r= , n=
(B) How much money will Deja have in the account in 10 years?
Answer = $ .
Round answer to the nearest penny.
Get help:
Box 1: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
8500
Box 2: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
0.056
Box 3: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
4
Box 4: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
Enter DNE for Does Not Exist, oo for Infinity
14,823.03