A bank features a savings account that has an annual percentage rate of r = 4% with interest compounded quarterly. Chance deposits $8,000 into the account. The account balance can be modeled by the exponential formula nt S(t) = P(1+ where S is the п 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 Chance have in the account in 8 years? Answer = $ %3D Round answer to the nearest penny.
A bank features a savings account that has an annual percentage rate of r = 4% with interest compounded quarterly. Chance deposits $8,000 into the account. The account balance can be modeled by the exponential formula nt S(t) = P(1+ where S is the п 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 Chance have in the account in 8 years? Answer = $ %3D 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
Related questions
Question
Transcribed Image Text:A bank features a savings account that
has an annual percentage rate of r = 4%
with interest compounded quarterly.
Chance deposits $8,000 into the account.
The account balance can be modeled by
the exponential formula
nt
S(t) = P(1+
where S is the
п
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 Chance have in
the account in 8 years?
Answer = $
%3D
Round answer to the nearest penny.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 2 images
Recommended textbooks for you
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra and Trigonometry (MindTap Course List)
Algebra
ISBN:
9781305071742
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
College Algebra
Algebra
ISBN:
9781305115545
Author:
James Stewart, Lothar Redlin, Saleem Watson
Publisher:
Cengage Learning
Algebra & Trigonometry with Analytic Geometry
Algebra
ISBN:
9781133382119
Author:
Swokowski
Publisher:
Cengage