A bank features a savings account that has an annual percentage rate of % with interest compounded quarterly. Natalia deposits $11,500 into the account.
The account balance can be modeled by the exponential formula
, where is the future value, is the present value, is the annual percentage rate written as a decimal, is the number of times each year that the interest is compounded, and is the time in years.
(A) What values should be used for , r, and ?
, ,
(B) How much money will Natalia have in the account in years?
Answer = $ .
Round answer to the nearest penny