A bank features a savings account that has an annual percentage rate of r=5.1% with interest compounded quarterly. Ethan deposits $3,500 into the account. The account balance can be modeled by the exponential formula S(t)=P(1+r/n)^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 Ethan have in the account in 8 years?
Answer =
Round answer to the nearest penny.