A bank features a savings account that has an annual percentage rate of r = 4.2% with interest compoundedsemi-annually. Julio deposits $12,000 into the account.nukThe account balance can be modeled by the exponential formula 1 =P 1where A is the futurevalue, P is the present value, r is the annual percentage rate, k is the number of times each year that theinterest is compounded, and n is the time in years.(A) What values should be used for P,r, and k?P(8) How much money will Julio have in the account in 9 years?AnswersRound answer to the nearest penny.(C) What is the annual percentage yield (APY) for the savings account? (The APY is the actual or effectiveannual percentage rate which includes all compounding in the year).APY -Round answer to 3 decimal places.