At the time of her grandson's birth, a grandmother deposited $6, 000 in an account. The account was paying 4.5% interest comp
ounded monthly. a. If the rate did not change, what was the value of the account after 17 years?
b. If the money had been invested at 4.5% compounded quarterly, what would the value of the account have been after 17 years?
a. The value of the account will be $
b.The value after 17 years $
Put the given numbers in the appropriate formula and evaluate. A = P(1 +r/n)^(nt) P is the principal amount r is the annual rate n is the number of times per year interest is compounded t is the number of years A is the balance in the account after t years
