A bank features a savings account that has an annual percentage rate of r = 4% with interest compounded quarterly. Chance deposits $8,000 into the account. The account balance can be modeled by the exponential formula nt S(t) = P(1+ where S is the п future value, Pis 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? (B) How much money will Chance have in the account in 8 years? Answer = $ %3D Round answer to the nearest penny.

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