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

College Algebra

1st Edition

ISBN:9781938168383

Author:Jay Abramson

Publisher:Jay Abramson

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,...

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