Question 14 Y A bank features a savings account that has an annual percentage rate...
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Question 14 Y A bank features a savings account that has an annual percentage rate of r 3 with interest compounded quarterly Abigail deposits 2 500 in to the account kt The account balance can be modeled by the exponential formula A t a 1 7 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 T A What values should be used for a r and k a k B How much money will Abigail have in the account in 10 years Amount S 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 Question Help Video 4
Question 14 Y A bank features a savings account that has an annual percentage rate of r 3 with interest compounded quarterly Abigail deposits 2 500 in to the account kt The account balance can be modeled by the exponential formula A t a 1 7 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 T A What values should be used for a r and k a k B How much money will Abigail have in the account in 10 years Amount S 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 Question Help Video 4
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