How do paedobaptist and credobaptist traditions each interpret Acts 2:38–39 and similar passages when justifying their baptismal practices?

In *Acts 2:38–39 (ESV)*, Peter says: >“Repent and be baptized every one of you in the name of Jesus Christ for the forgiveness of your sins, and you will receive the gift of the Holy Spirit. For the promise is for you and for your children and for all who are far off, everyone whom the Lord our God calls to himself.” Some Christian traditions—such as the Reformed, Anglican, Lutheran, and Catholic—practice infant baptism (paedobaptism), while others—such as Baptist and Pentecostal churches—practice believer’s baptism (credobaptism). How do these two traditions each interpret this passage (and similar texts) when justifying their baptismal practices? In particular, how do they understand the phrase “for you and for your children,” and how does it fit into their broader theology of baptism?