Question

A bank features a savings account that has an annual percentage rate of 4.8 % with interest compounded monthly. Umbrosia deposits $6,500 into the account.
How much money will Umbrosia have in the account in 1 year?
What is the annual percentage yield (APY) for the savings account?

Answer 1

S(8)=3500(1+(.047/4))^32

S(8)=$5086.40 in the account after 8 years.

a)The relative growth rate is .25, or 25%

b)at t=0, the population is 955e^.25(0)=955

c)at t=5; the population is 955*e^.25(5)=955*3.49=3333.28 bacterium.