A bank features a savings account that has an annual percentage rate of r = 3.4% with interest compounded weekly. Marcel deposits $11,500 into the account. The account balance can be modeled by the nt exponential formula S(t) = P(1 + 7)" where S 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 tis the time in years. (A) What values should be used for P, r, and n? P = I r = n = (B) How much money will Marcel have in the account in 8 years? Answer = $ Round answer to the nearest penny. (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 = 3.4% with interest compounded weekly. Marcel deposits $11,500 into the account. The account balance can be modeled by the nt exponential formula S(t) = P(1 + 7)" where S 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 tis the time in years. (A) What values should be used for P, r, and n? P = I r = n = (B) How much money will Marcel have in the account in 8 years? Answer = $ Round answer to the nearest penny. (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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A bank features a savings account that has an annual
percentage rate of r 3.4% with interest
compounded weekly. Marcel deposits $11,500 into
the account.
The account balance can be modeled by the
nt
exponential formula S(t) = P(1 + 7 ) "²,
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 =
n =
where S
(B) How much money will Marcel have in the account
in 8 years?
Answer = $
Round answer to the nearest penny.
(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.
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