SOLUTION: steve wants 90,000 in savings by the time his baby is 18. bank offers savings account 6.5% interest compounded weekly. how much money does he need to invest now to reach his goal?
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Question 851521: steve wants 90,000 in savings by the time his baby is 18. bank offers savings account 6.5% interest compounded weekly. how much money does he need to invest now to reach his goal? Answer by josgarithmetic(39618) (Show Source):
You can put this solution on YOUR website! The interest rate per week is %. The specific growth model is and t is time in years. The calculation being done here next assumes that the baby is newborn, less than one week old.
Know that if y is years, then ;
t/52=y, and
substituting for t=18,
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Using a calculator instead of any table of logarithms,.
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