A bank features a savings account that has an annual percentage rate of r = 2.9% with interest compounded quarterly. Carolyn deposits $11,000 into the account. kt •(1+ ;)". The account balance can be modeled by the exponential formula A(t) where A is account k value after t years , a is the principal (starting amount), r is the annual percentage rate (as a decimal), k is the number of times each year that the interest is compounded. (A) What numbers should be used for a, r, and k? a = r = k = (B) How much money will Carolyn 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.CR: Chapter Review
Problem 11CC
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2.9% with interest compounded
A bank features a savings account that has an annual percentage rate ofr =
quarterly. Carolyn deposits $11,000 into the account.
kt
r
= al 1 +
k
The account balance can be modeled by the exponential formula A(t)
where A is account
value after t years , a is the principal (starting amount), r is the annual percentage rate (as a decimal), k is
the number of times each year that the interest is compounded.
(A) What numbers should be used for a, r, and k?
a =
r =
k =
(B) How much money will Carolyn have in the account in 9 years?
Answer = $
Round answer to the nearest penny.
Transcribed Image Text:2.9% with interest compounded A bank features a savings account that has an annual percentage rate ofr = quarterly. Carolyn deposits $11,000 into the account. kt r = al 1 + k The account balance can be modeled by the exponential formula A(t) where A is account value after t years , a is the principal (starting amount), r is the annual percentage rate (as a decimal), k is the number of times each year that the interest is compounded. (A) What numbers should be used for a, r, and k? a = r = k = (B) How much money will Carolyn have in the account in 9 years? Answer = $ Round answer to the nearest penny.
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