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A bank features a savings account that has an annual percentage rate of r= 9% with interest compounded quarterly. Ricardo deposits $9,500 into the account.
A bank features a savings account that has an annual percentage rate of r= 9% with interest compounded quarterly. Ricardo deposits $9,500 into the account. The account balance can be modeled by the exponential formula A= P (1 + r/n) nt, where A will be the amount in the bank after a certain number of years, P is the original amount put in the bank, 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? P=________ , r=__________, n=________
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