compounded quarterly. Esmeralda deposits $5,000 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= , r=r= , n=n= (B) How much money will Esmeralda have in the account in 99 years? Answer = $ .
compounded quarterly. Esmeralda deposits $5,000 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= , r=r= , n=n= (B) How much money will Esmeralda have in the account in 99 years? Answer = $ .
College Algebra
7th Edition
ISBN:9781305115545
Author:James Stewart, Lothar Redlin, Saleem Watson
Publisher:James Stewart, Lothar Redlin, Saleem Watson
Chapter4: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 11T: Suppose that $12,000 is invested in a saving account paying 5.6% interest per year. (a)Write the...
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Question
A bank features a savings account that has an annual percentage rate of r=5.5r=5.5% with interest compounded quarterly. Esmeralda deposits $5,000 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= , r=r= , n=n=
(B) How much money will Esmeralda have in the account in 99 years?
Answer = $ .
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