document.write( "Question 1123270: Josh invests $50 weekly for 6 years in his savings account that has a 2.8% interest rate, compounded weekly. How much money will he have after 6 years \n" ); document.write( "
Algebra.Com's Answer #739575 by Theo(13342)\"\" \"About 
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f = p * (1 + r) ^ n\r
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\n" ); document.write( "\n" ); document.write( "f is the future value
\n" ); document.write( "p if the present value
\n" ); document.write( "r is the interest rate per time period
\n" ); document.write( "n is the number of time periods\r
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\n" ); document.write( "\n" ); document.write( "p = 50
\n" ); document.write( "f = what you want to find
\n" ); document.write( "n = 6 * 52 = 312 weeks
\n" ); document.write( "r = 2.8% / 100 / 52 = .0005384615385\r
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\n" ); document.write( "\n" ); document.write( "formula becomes f = 50 * (1 + .0005384615385) ^ 312\r
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\n" ); document.write( "\n" ); document.write( "solve for f to get:\r
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\n" ); document.write( "\n" ); document.write( "f = 59.1441563\r
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\n" ); document.write( "\n" ); document.write( "the percent interest rate is divided by 100 to get the interest rate per year.\r
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\n" ); document.write( "\n" ); document.write( "the interest rate per year is divided by 52 to get the interest rate per week.\r
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\n" ); document.write( "\n" ); document.write( "the number of years is multiplied by 52 to get the number of weeks.\r
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