Question

PLEASE HELP!! Rick uses this exponential expression to determine what the value of his bank account will be in three years. Select the value in the expression that represents the number of times per year that interest is compounded on the account.

5,000(1+0.04/12)^12t

Answer 1

12

Explanation:

Answer 2

12

Explanation:

A compound interest equation is represented as A = P(1 + r/n)^nt, where n=the number of times per year the interest is compounded. In the given equation, n=12.