SOLUTION: Please help me solve this question?
Mike is planning to invest $200 at the end of each week into a superannuation fund paying 8% pa compounded weekly. How much will Mike's fund
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Question 829286: Please help me solve this question?
Mike is planning to invest $200 at the end of each week into a superannuation fund paying 8% pa compounded weekly. How much will Mike's fund be worth in 10 years?
Answer by erica65404(394) (Show Source): You can put this solution on YOUR website!
The equation you use for this is where A is the amount invested, r is the rate, n is the times compounded per year, and t is the amount of years.
The 52 comes from the 52 weeks in a year since it is compounded weekly.
He should have $444.83 in the fund after 10 years.
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