A bank features a savings account that has an annual percentage rate of r=5.4r=5.4% with interest compounded quarterly. Randall deposits $4,000 into the account. Remember the formula for n is n = (p/y)(t) (A) What value should be used for nn if time = 99 years?
Unitary Method
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A bank features a savings account that has an annual percentage rate of r=5.4r=5.4% with interest compounded quarterly. Randall deposits $4,000 into the account.
Remember the formula for n is n = (p/y)(t)
(A) What value should be used for nn if time = 99 years?
n=n=
(B) How much money will Randall have in the account in 99 years?
Answer = $ .
Round answer to the nearest penny.
(C) What is the effective rate for the savings account?
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