The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Answer parts (a) and (b). i Click the icon to view some finance formulas. Principal Rate Compounded Time $8500 0.7% quarterly 3 years a. Find how much money there will be in the account after the given number of years. The amount of money in the account after 3 years is $ (Round to the nearest cent as needed.) 號 4 Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. A-P(+) A =P 1+ nt A P= A = Peit nt Y = (1+1) -1 HJ 1 + Print Done - X
The principal represents an amount of money deposited in a savings account subject to compound interest at the given rate. Answer parts (a) and (b). i Click the icon to view some finance formulas. Principal Rate Compounded Time $8500 0.7% quarterly 3 years a. Find how much money there will be in the account after the given number of years. The amount of money in the account after 3 years is $ (Round to the nearest cent as needed.) 號 4 Formulas In the provided formulas, A is the balance in the account after t years, P is the principal investment, r is the annual interest rate in decimal form, n is the number of compounding periods per year, and Y is the investment's effective annual yield in decimal form. A-P(+) A =P 1+ nt A P= A = Peit nt Y = (1+1) -1 HJ 1 + Print Done - X
Chapter9: Sequences, Probability And Counting Theory
Section: Chapter Questions
Problem 15PT: Rachael deposits $3,600 into a retirement fund each year. The fund earns 7.5% annual interest,...
Related questions
Question
100%
The amount of money in the account after
3 years is $
(Round to the nearest cent as needed.)
The amount of interest earned is $ (Round to the nearest cent as needed.)
![The principal represents an amount of money deposited in a
savings account subject to compound interest at the given rate.
Answer parts (a) and (b).
i
Click the icon to view some finance formulas.
Principal
Rate
Compounded
Time
$8500
0.7%
quarterly
3 years
a. Find how much money there will be in the account after the given number of years.
The amount of money in the account after 3 years is $
(Round to the nearest cent as needed.)
號
4](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4a2e414e-fcf2-4f1c-8cc3-03a5a88d07f2%2F78ea1f05-cb1f-44f9-b028-37e3662b68ed%2Fumti44p_processed.jpeg&w=3840&q=75)
Transcribed Image Text:The principal represents an amount of money deposited in a
savings account subject to compound interest at the given rate.
Answer parts (a) and (b).
i
Click the icon to view some finance formulas.
Principal
Rate
Compounded
Time
$8500
0.7%
quarterly
3 years
a. Find how much money there will be in the account after the given number of years.
The amount of money in the account after 3 years is $
(Round to the nearest cent as needed.)
號
4
![Formulas
In the provided formulas, A is the balance in the account after t years, P is the
principal investment, r is the annual interest rate in decimal form, n is the number
of compounding periods per year, and Y is the investment's effective annual yield
in decimal form.
A-P(+)
A =P 1+
nt
A
P=
A = Peit
nt
Y = (1+1) -1
HJ
1 +
Print
Done
- X](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F4a2e414e-fcf2-4f1c-8cc3-03a5a88d07f2%2F78ea1f05-cb1f-44f9-b028-37e3662b68ed%2F3la97lf_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Formulas
In the provided formulas, A is the balance in the account after t years, P is the
principal investment, r is the annual interest rate in decimal form, n is the number
of compounding periods per year, and Y is the investment's effective annual yield
in decimal form.
A-P(+)
A =P 1+
nt
A
P=
A = Peit
nt
Y = (1+1) -1
HJ
1 +
Print
Done
- X
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