Logo
Home Study Material Contact Search
AI Chat FREE
  1. mathematics
  2. basic math
  3. question 14 y a bank features a savings account th

Question 14 Y A bank features a savings account that has an annual percentage rate...

70.2K

Verified Solution

Question

Basic Math

image

Question 14 Y A bank features a savings account that has an annual percentage rate of r 3 with interest compounded quarterly Abigail deposits 2 500 in to the account kt The account balance can be modeled by the exponential formula A t a 1 7 where A is account value after t years a is the principal starting amount r is the annual percentage rate k is the number of times each year that the interest is compounded T A What values should be used for a r and k a k B How much money will Abigail have in the account in 10 years Amount S 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 3 decimal places Question Help Video 4

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Q

1. You wish to retire with $5 Million in 45 years. You estimate you will earn...

Finance
Q

Explain why the presence of crystals of the sample at the starting point causes streaking of...

Chemistry
Q

below OI CD are put in contact as shown in figure i and ii A...

Physics
Q

A photoelectric material having work function is illuminated with light of wavelength gel No The...

Physics
Q

3 127 A body A is projected vertically upwards Another body B of same mass...

Physics
Q

re are distinct ways the two experiments can be performed together be performed in a...

Basic Math
Q

Use the accompanying radiation levels(in W/kg)for 50 different cell phones. Find the percentile corresponding to...

Statistics
Q

If y= (2w - 4)/(w+4) , w = u/ (?(u+3) - u) and...

Calculus
Q

e the graph of y f x to graph the function g x f x...

Algebra
Q

Bartleby Corporation is undergoing liquidation under Chapter 7 of the bankruptcy code. Bartleby reports total...

Accounting
Q

Requlred Information Exercise 7-2A (Algo) Accounting for uncollectible accounts: allowance method LO 7-1 ...

Accounting
Q

1: Jim Company bought a machine for $18,840 with an estimated life of 5 years....

Accounting