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A bank features a savings account that has an annual percentage rate of r = 4.6 r = 4.6 % with interest compounded daily. Trevante
A bank features a savings account that has an annual percentage rate of r = 4.6 r = 4.6 % with interest compounded daily. Trevante deposits $5,500 into the account. The account balance can be modeled by the exponential formula S ( t ) = P ( 1 + r n ) n t S ( t ) = P ( 1 + r n ) n t , where S S is the future value, P P is the present value, r r is the annual percentage rate, n n is the number of times each year that the interest is compounded, and t t is the time in years
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