SOLUTION: (1 point) How much do you need to invest in an account earning an annual interest rate of 2.233% compounded weekly, so that your money will grow to $7,230.00 in 36 weeks?
7230
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-> SOLUTION: (1 point) How much do you need to invest in an account earning an annual interest rate of 2.233% compounded weekly, so that your money will grow to $7,230.00 in 36 weeks?
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Question 1149944: (1 point) How much do you need to invest in an account earning an annual interest rate of 2.233% compounded weekly, so that your money will grow to $7,230.00 in 36 weeks?
7230=P(1+.02233/52)^52(?) I'm not sure what to put for t Found 2 solutions by josmiceli, MathTherapy:Answer by josmiceli(19441) (Show Source):
You can put this solution on YOUR website! If the length of time was 10 years, then
so, if the time is 36 weeks, then
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$7,119.11
Get another opinion if needed
You can put this solution on YOUR website! (1 point) How much do you need to invest in an account earning an annual interest rate of 2.233% compounded weekly, so that your money will grow to $7,230.00 in 36 weeks?
7230=P(1+.02233/52)^52(?) I'm not sure what to put for t
I'm not sure if the amount is PER WEEK or a LUMP-SUM. Based on your calculation though, it appears to be a LUMP-SUM.
Responding to your question, it should be
P, or PV/Amount to be invested, should be:
