document.write( "<A HREF=/cgi-bin/jump-to-question.mpl?question=956285>Question 956285</A>: <I><SPAN STYLE=\"word-break: break-all;\"> Find the final amount of money in an account if $5,000 is deposited at 6% interest compounded weekly and the money is left for 7 years.\r<BR>\n" );
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document.write( "Topic - Interest- N Compound a Year </SPAN>\n" );
document.write( "</I><HR><TABLE width=100%><TR><TD><B><A HREF=http://www.algebra.com/>Algebra.Com's</A> Answer #584237 by </B><A HREF=/tutors/aboutme.mpl?userid=lwsshak3><B>lwsshak3(11628)</B></A><img src=\"/images/stars/stars-13.gif\" alt=\"\" >&nbsp;<A HREF=/tutors/aboutme.mpl?userid=lwsshak3><IMG SRC=http://www.algebra.com/images/aboutme-small.gif BORDER=0 alt=\"About Me\" VALIGN=MIDDLE></A>&nbsp;<IMG SRC=http://www.algebra.com/images/nopicture.jpg><BR>You can <A HREF=\"/cgi-bin/embed-solution.mpl?show=1&solution=584237\">put this solution on YOUR website!</A><BR><SPAN STYLE=\"word-break: break-all;\"> Find the final amount of money in an account if $5,000 is deposited at 6% interest compounded weekly and the money is left for 7 years. <BR>\n" );
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document.write( "Compound Interest Formula: A=P(1+r/n)^nt, P=initial investment, r=interest rate, n=number of compounding periods per year, A=amt after t-years.<BR>\n" );
document.write( "For given problem:<BR>\n" );
document.write( "P=5000<BR>\n" );
document.write( "r=.06<BR>\n" );
document.write( "n=52<BR>\n" );
document.write( "t=7<BR>\n" );
document.write( "A=5000(1+.06/52)^(7*52)<BR>\n" );
document.write( "=5000(1+0.001154)^364<BR>\n" );
document.write( "=5000(1.001154)^364<BR>\n" );
document.write( "&#8776;7608<BR>\n" );
document.write( "final amount of money in the account&#8776;$7,608 </SPAN>\n" );
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