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A bank features a savings account that has an annual percentage rate of `r=3.1`% with interest compounded quarterly. Jalen deposits $2,000 into the account.
The account balance can be modeled by the exponential formula `S(t)=P(1+r/n)^(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 Jalen 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+r/n)^(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 Jalen 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
2000
Box 2: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
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0.031
Box 3: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
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4
Box 4: Enter your answer as an integer or decimal number. Examples: 3, -4, 5.5172
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2,723.59