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# A bank features a savings account that has an annual percentage rate of r = 2.7 r=2.7 % with intere

wrote...
Express Lane Plus
Posts: 485
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A week ago Edited: A week ago, bio_man
 A bank features a savings account that has an annual percentage rate of r = 2.7 r=2.7 % with intere A bank features a savings account that has an annual percentage rate of r = 2.7% with interest compounded Caitlyn deposits \$ 12,000 into the account. The account balance can be modeled by the exponential formula A(t) 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. (A) umat values should be used for a, r: and k? (B) How much money will Caitlyn have in the account in 7 years? Round answer to the nearest penny. (C) What is the annual percentage yield (AP Y) for the savings account? (The AP Y is the actual or effective annual percentage rate which includes all compounding in the year). Round answer to 3 decimal places. Attached file Thumbnail(s): You must login or register to gain access to this attachment. Read 44 times 4 Replies
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wrote...
Educator
A week ago
 Check this out :-) Attached file Thumbnail(s): You must login or register to gain access to this attachment.
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wrote...
Express Lane Plus
A week ago
 Quote from: bio_man (A week ago) Check this out :-) Are you sure the last one is correct, A diferent tutor have given me a different answer, i have asked him the same question i am asking you
wrote...
Educator
A week ago
 Not entirely certain tbh, probably go with the tutor's answer is safer.
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wrote...
Educator
A week ago
 By the way, can you share his solution with me? (for example, a screenshot) I want to see what he did differently
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