A bank features a savings account that has an annual percentage rate of r = 2.9% with interest compounded quarterly. Mark deposits $10,000 into the account. nt The account balance can be modeled by the exponential formula S(t) = P(1+ where S is the future value, P is the present value, r is the annual percentage rate written as a decimal, 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 = (B) How much money will Mark have in the account in 10 years? Answer = $ Round answer to the nearest penny.

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Author:Erwin Kreyszig
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2.9% with interest compounded
A bank features a savings account that has an annual percentage rate of r =
quarterly. Mark deposits $10,000 into the account.
nt
The account balance can be modeled by the exponential formula S(t)
P(1+
where S is the
n
future value, P is the present value, r is the annual percentage rate written as a decimal, 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 =
= u
(B) How much money will Mark have in the account in 10 years?
Answer = $
Round answer to the nearest penny.
Transcribed Image Text:2.9% with interest compounded A bank features a savings account that has an annual percentage rate of r = quarterly. Mark deposits $10,000 into the account. nt The account balance can be modeled by the exponential formula S(t) P(1+ where S is the n future value, P is the present value, r is the annual percentage rate written as a decimal, 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 = = u (B) How much money will Mark have in the account in 10 years? Answer = $ Round answer to the nearest penny.
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