Abank features a savings account that has an annual percentage rate of r=5.2% with interest compounded quarterly. marcus deposits $8,500 into the account.
the account balance can be modeled by the exponential formula s(t)=p(1+rn)^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 marcus have in the account in 7 years?
answer = $ .
round answer to the nearest penny.