A bank features a savings account that has an annual percentage rate of r=3.4% with interest compounded weekly. Alfonso deposits $11,500 into the account. The account balance can be modeled by the exponential formula S(t)=P(1+r/n)^nt, where S is the future value, P is the present value, rr is the annual percentage rate, nn is the number of times each year that the interest is compounded, and tt is the time in years. What values should be used for P, r, and n? P= , r= , n= How much money will Alfonso have in the account in 10 years? Answer = $ . Round answer to the nearest penny. What is the effective annual rate for the savings account? effective rate = %. Round answer to 3 decimal places.
A bank features a savings account that has an annual percentage rate of r=3.4% with interest compounded weekly. Alfonso deposits $11,500 into the account.
The account balance can be modeled by the exponential formula S(t)=P(1+r/n)^nt, where S is the
What values should be used for P, r, and n?
P= , r= , n=
How much money will Alfonso have in the account in 10 years?
Answer = $ .
Round answer to the nearest penny.
What is the effective annual rate for the savings account?
effective rate = %.
Round answer to 3 decimal places.
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