You deposit $550 into a savings account with an APR of 3.7%. Use the table to complete parts (a) through (b) below. | | A | B | |---|---|---| | 1 | Year | Amount | | 2 | 0 | $550 | | 3 | 1 | $570.35 | | 4 | 2 | $591.45 | | 5 | 3 | $613.34 | | 6 | 4 | $636.03 | (a) What recursive formula would you enter in cell B3 that could be filled down? = B2 * 1.037 = B2 * 0.037 = B$2 * 1.037 = B$2 * 1.037^A3 (b) What closed formula would you enter in cell B3 that could be filled down? = B$2 * 1.037 = B$2 * 0.037 = B$2 * 1.037^A3
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7%. (a) The recursive formula to enter in cell B3 would be =B2*(1+3.7%). This formula calculates the amount in the account after one year by taking the previous year's amount (cell B2) and multiplying it by 1 plus the APR (3.7%). Show more…
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