A bank features a savings account that 2.4 has an annual percentage rate of r = % with interest compounded quarterly. Adriana deposits $11,500 into the account. The account balance can be modeled by the exponential formula S(t) = P(1 + ")". where S is the future value, Pis 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? (B) How much money will Adriana have in the account in 9 years? Answer = $ Round answer to the nearest penny.
A bank features a savings account that 2.4 has an annual percentage rate of r = % with interest compounded quarterly. Adriana deposits $11,500 into the account. The account balance can be modeled by the exponential formula S(t) = P(1 + ")". where S is the future value, Pis 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? (B) How much money will Adriana have in the account in 9 years? Answer = $ Round answer to the nearest penny.
Algebra and Trigonometry (MindTap Course List)
4th Edition
ISBN:9781305071742
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section4.CT: Chapter Test
Problem 11CT
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Transcribed Image Text:A bank features a savings account that
2.4
has an annual percentage rate of r =
% with interest compounded quarterly.
Adriana deposits $11,500 into the
account.
The account balance can be modeled by
the exponential formula
S(t) = P(1 + ")".
where S is the
future value, Pis 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?
(B) How much money will Adriana have in
the account in 9 years?
Answer = $
Round answer to the nearest penny.
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