x 6.1: Graded Homework egcc.instructure.com/ rses/33732/assignments/980 FA22_FOURTH Question 15 Home A bank features a savings account that has an annual percentage rate of T = 5.5% with interest Announcements compounded quarterly. Terrance deposits $5,000 into the account. Syllabus The account balance can be modeled by the exponential formula A(t) = a(1+ ) , where A is Assignments account value after t years , a is the principal (starting amount), T is the annual percentage rate, k is the number of times each year that the interest is compounded. Grades (A) What values should be used for a, r, and k? People 1 = T = K = Pages (B) How much money will Terrance have in the account in 7 years? Modules Answer = $ Round answer to the nearest penny. Google Drive (C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effective Office 365 annual percentage rate which includes all compounding in the year). APY = %. Round answer to 3 decimal places. Question Help: Message instructor Submit Question 48.F Cloudy O Type here to search F9 F10 F8 F6 F7 4 F3 F4 F5 CO F1 F2 Esc & O A 9 @ 5 6 4 3 O U R Q W E X