A bank features a savings account that has an annual percentage rate of r 3.3% with interest = compounded daily. Heather deposits $2,500 into the account. The account balance can be modeled by the nt exponential formula S(t) = P(1 + 7 )™, where S n is the future value, P is the present value, r is the annual percentage rate, 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 = r = (B) How much money will Heather have in the account in 7 years? Answer = $ Round answer to the nearest penny. n = (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year). %. APY Round answer to 3 decimal places. =
A bank features a savings account that has an annual percentage rate of r 3.3% with interest = compounded daily. Heather deposits $2,500 into the account. The account balance can be modeled by the nt exponential formula S(t) = P(1 + 7 )™, where S n is the future value, P is the present value, r is the annual percentage rate, 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 = r = (B) How much money will Heather have in the account in 7 years? Answer = $ Round answer to the nearest penny. n = (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective annual percentage rate which includes all compounding in the year). %. APY Round answer to 3 decimal places. =
Chapter12: Sequences, Series And Binomial Theorem
Section12.3: Geometric Sequences And Series
Problem 12.59TI: New grandparents decide to invest 3200 per month in an annuity for their grandson, The account will...
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