A bank features a savings account that has an annual percentage rate of r=5.1 % with interest compounded quarterly. Katrice deposits $11,500 into the account.
The account balance can be modeled by the exponential formula S(t)= P(1+ r/n)^nt, where S is the future value, P is the present value, r is the annual percentage rate written as a decimal, n is the number of times each year that the interest is compounded, and t is the time in years.
(A) What values should be used for P, r, and n?
P= , r= , n= ,
(B) How much money will Katrice have in the account in 9 years?
Answer = $
you have the formula and the numbers.
what's the problem?