Morgan Wheeler

08/16/2023 · Middle School

A bank features a savings account that has an annual percentage rate of \( r=3.6 \% \) with interest compounded weekly. Maria Fernanda deposits \( \$ 6,500 \) into the account. The account balance can be modeled by the exponential formula \( S(t)=P\left(1+\frac{r}{n}\right)^{n t} \), where \( S \) is the future value, \( P \) is the present value, \( r \) is the annual percentage rate, \( n \) 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 \( n \) ? \( P=\square=\square \) (B) How much money will Maria Fernanda have in the account in 8 years? Answer = \( \$ \square \) Round answer to the nearest penny.