SOLUTION: Determine the interest earned of a 12-year investment with an interest rate of 5.3% compounded weekly, if the Future value is $41800
A) 17 630.77 B) 356.07 C) 14 404.36 D) 19 66
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Question 1102641: Determine the interest earned of a 12-year investment with an interest rate of 5.3% compounded weekly, if the Future value is $41800
A) 17 630.77 B) 356.07 C) 14 404.36 D) 19 663.67
Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
41800=Po(1+.053/52)^624, since 624 weeks in 12 years (actually probably closer to 626, but shouldn't matter in answer.)
Po=$22166.33
subtract that from 41800 to get interest and get 19 633.67
D.
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