Nathan opened an interest-bearing savings account two years ago. His account balance, in dollars, can be calculated using the expression shown below, where t is time, in years.
$3600(1.07)^12t
Use the given expression to complete the statements below.
The quantity that represents Nathan's initial deposit is
.
The quantity that represents the rate at which the account is increasing is
, which means the interest rate on the account is
%.
The quantity that represents the number of times the account compounds each year is
.
The quantity that represents Nathan's initial deposit is $3600.
The quantity that represents the rate at which the account is increasing is $3600(1.07)^{12}$, which means the interest rate on the account is 7%.
The quantity that represents the number of times the account compounds each year is 12.