A bank features a savings account that has an annual percentage rate of r = 2.4% with interest compounded quarterly. Alma deposits $7,500 into the account.
P
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=
T-
n =
(B) How much money will Alma have in the account in 9 years?
Answer = $
Round answer to the nearest penny.