A bank features a savings account that has an annual percentage rate of r = 4.6% with interest compounded quarterly. Damien deposits $6,500 into the account. r\nt The account balance can be modeled by the exponential formula S(t) = P(1+ )", 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 = n = (B) How much money will Damien have in the account in 9 years? Answer = $ Round answer to the nearest penny.
Percentage
A percentage is a number indicated as a fraction of 100. It is a dimensionless number often expressed using the symbol %.
Algebraic Expressions
In mathematics, an algebraic expression consists of constant(s), variable(s), and mathematical operators. It is made up of terms.
Numbers
Numbers are some measures used for counting. They can be compared one with another to know its position in the number line and determine which one is greater or lesser than the other.
Subtraction
Before we begin to understand the subtraction of algebraic expressions, we need to list out a few things that form the basis of algebra.
Addition
Before we begin to understand the addition of algebraic expressions, we need to list out a few things that form the basis of algebra.
PLEASE ROUND answer to the nearest penny. ALSO, PLEASE SHOW WORK.
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