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Algebra and Trigonometry (6th Edition)
6th Edition
ISBN: 9780134463216
Author: Robert F. Blitzer
Publisher: PEARSON
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A savings account, S, has an initial value of $50. The account grows at a 2% interest rate
compounded n times per year, t, according to the function below.
nt
.02
S(t) = 50| 1+
n
As the value of n increases, the amount of interest per year
(increases / decreases)
because..."
Transcribed Image Text:3)
A savings account, S, has an initial value of $50. The account grows at a 2% interest rate
compounded n times per year, t, according to the function below.
nt
.02
S(t) = 50| 1+
n
As the value of n increases, the amount of interest per year
(increases / decreases)
because...
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- A bank features a savings account that has an annual percentage rate of r = 2.9% with interest compounded quarterly. Emma deposits $5,000 into the account. r\ kt The account balance can be modeled by the exponential formula A(t) = al1 -+ where A is account value after t years , a is the principal (starting amount), r is the annual percentage rate, k is the number of times each year that the interest is compounded. (A) What values should be used for a, r, and k? a = r = k (B) How much money will Emma have in the account in 9 years? Amount $ %3D 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.arrow_forwardFind the present value PV of the given investment (in dollars). (Round your answer to the nearest cent.) An investment earns 6% per year and is worth $70,000 after 7 years. PV = $arrow_forward
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