Part A Write an exponential model that describes the situation. Y (x)=400 (1+0.02/4)^4x Y the value of the account after x years 400 is the initial deposite 0.02 interest rate 4 compounding periods (quarterly) X time ( number of years ) Y (x)=400 (1.005)^4x Part B Y (5)=400×(1.005)^(4×5)=441.96 Hope it helps!
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.