SOLUTION: Plz can you help me i'm completly lost. My question is :You deposit $3500 into an account that pays 3.5% annual interest , compounded weekly. How much will you have after 8 years?
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Question 288277: Plz can you help me i'm completly lost. My question is :You deposit $3500 into an account that pays 3.5% annual interest , compounded weekly. How much will you have after 8 years? Answer by ankor@dixie-net.com(22740) (Show Source):
You can put this solution on YOUR website! :You deposit $3500 into an account that pays 3.5% annual interest , compounded weekly. How much will you have after 8 years?
:
The compound interest formula: A = P*(1+))^(n*t)
Where
A = final amt
P = initial amt
r = interest rate in decimals
n = number of periods per year (weekly is 52)
t = no. of years
:
A = 3500(1 + )^(52*8)
:
A = 3500(1.0006731)^416
:
A = 3500*1.323
:
A = $4630.50
