A bank features a savings account that has an annual percentage rate of r = 4% with interest compounded semi-annually. Romina deposits $7,000 into the account. nt The account balance can be modeled by the exponential formula S(t) = P(1 + 7 )™, w n 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 is (B) How much money will Romina 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 = 4% with interest compounded semi-annually. Romina deposits $7,000 into the account. nt The account balance can be modeled by the exponential formula S(t) = P(1 + 7 )™, w n 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 is (B) How much money will Romina 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.
MATLAB: An Introduction with Applications
6th Edition
ISBN:9781119256830
Author:Amos Gilat
Publisher:Amos Gilat
Chapter1: Starting With Matlab
Section: Chapter Questions
Problem 1P
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Transcribed Image Text:A bank features a savings account that has an annual percentage rate of r = 4% with interest
compounded semi-annually. Romina deposits $7,000 into the account.
nt
The account balance can be modeled by the exponential formula S(t) = P(1 + 7 )™¹, w
n
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 is
(B) How much money will Romina 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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