SOLUTION: if i invested $3805 in an account that pays 6.5% compounded weekly. What will be the balance in the account after two score years?___________ _____
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Question 769309: if i invested $3805 in an account that pays 6.5% compounded weekly. What will be the balance in the account after two score years?_________________
Found 2 solutions by stanbon, lwsshak3:
Answer by stanbon(75887) (Show Source): You can put this solution on YOUR website!
if i invested $3805 in an account that pays 6.5% compounded weekly. What will be the balance in the account after two score years?_________________
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A(20) = 3805(1+(0.065/52))^(52*20)
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A(20) = 13,950.34
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Cheers
Stan H.
Answer by lwsshak3(11628) (Show Source): You can put this solution on YOUR website!
if i invested $3805 in an account that pays 6.5% compounded weekly. What will be the balance in the account after two score years?
***
compound interest formula: A=P(1+i)^n, P=initial investment, i=interest rate per compounding period, n=number of compounding periods, A=amount after n-periods.
For given problem:
P=$3805
i=.065/52=0.00125
n=40*52=2080 (one score=20 yrs)
A=?
..
A=3805(1+.00125)^2080
A=3805(1.00125)^2080≈51146
The balance in the account after two score years=$51,146
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