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.