You deposit $400 into an account that pays 2% annual interest compounded quarterly.
part a: write an exponential model that describes the situation.
part b: determine the value of the account after 5 years. round to two decimal places.

Step-by-step explanation:

Part A

The exponential model that describes the situation

The formula is

Y (x)=400 (1+0.02/4)^4x

Y (x)=400 (1+0.005)^4x

Y (x)=400 (1.005)^4x

Where x is the number of years

Part B

The value of the account after 5 years

Y (5)=400×(1.005)^(4×5)

Y (5)=441.96

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step-by-step explanation:

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