document.write( "Question 619168: Find the final amount of money in an account if $6,800 is deposited at 4.5% interest compounded weekly and the money is left for six years. The final amount is? (round answer two decimal places.) \n" ); document.write( "

Algebra.Com's Answer #389419 by lwsshak3(11628) $\"\"$ $\"About$

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Find the final amount of money in an account if $6,800 is deposited at 4.5% interest compounded weekly and the money is left for six years. The final amount is? (round answer two decimal places.)
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\n" ); document.write( "Compound interest formula: A=P(1+i)^n, i=interest rate per compounding period, n=number of compounding periods, A= amt after n periods
\n" ); document.write( "For given problem:
\n" ); document.write( "n=6*52=312 (weeks)
\n" ); document.write( "i=.045/52
\n" ); document.write( "A=6800*(1+.045/52)^312
\n" ); document.write( "Using calculator:
\n" ); document.write( "A≈$8907 (amount of money after 6 years) \n" ); document.write( "

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