SOLUTION: John decides to start saving money for a new car. He knows he can invest money into an account which will earn 6.5% APR, compounded weekly, and would like to have saved $10,000 aft

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Question 998731: John decides to start saving money for a new car. He knows he can invest money into an account which will earn 6.5% APR, compounded weekly, and would like to have saved $10,000 after 5 years. Determine the 5-year percent change for the account.
Can't figure out how to solve this problem- please explain. Thank you!!!
Answer by MathTherapy(10552)   (Show Source): You can put this solution on YOUR website!
John decides to start saving money for a new car. He knows he can invest money into an account which will earn 6.5% APR, compounded weekly, and would like to have saved $10,000 after 5 years. Determine the 5-year percent change for the account.
Can't figure out how to solve this problem- please explain. Thank you!!!
Use the present value formula:  to find the present value or amount to be invested today. You should get a present value of: $7,226.74.

Percent change: 

Do the calc.! 

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