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A bank features a savings account that has an annual percentage rate of r = 5 . 3 % with interest compounded quarterly. Kimi deposits
A bank features a savings account that has an annual percentage rate of with interest compounded quarterly. Kimi deposits $ into the account.
The account balance can be modeled by the exponential formula where is account value after years, is the principal starting amount is the annual percentage rate, is the number of times each year that the interest is compounded.
A What values should be used for and
B How much money will Kimi have in the account in 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 decimal places.
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