Ariel I.

asked • 07/11/22

hw help needed asap

A bank features a savings account that has an annual percentage rate of r=4.5r=4.5% with interest compounded quarterly. Zeke deposits $10,000 into the account.


The account balance can be modeled by the exponential formula S(t)=P(1+rn)ntS(t)=P(1+rn)nt, where SS is the future value, PP is the present value, rr is the annual percentage rate written as a decimal, nn is the number of times each year that the interest is compounded, and tt is the time in years.


(A) What values should be used for PP, r, and nn?


P=P= Correct,  r=r= ,  n=n= 


(B) How much money will Zeke have in the account in 9 years?

Answer = $ .

Round answer to the nearest penny.

1 Expert Answer

By:

Ariel I.

THAK YOU
Report

07/11/22

Richard C.

tutor
You are quite welcome!
Report

07/11/22

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