SOLUTION: Stephen also invests $500 at 5%/a for 5 years but with compound interest that compounds weekly. What is the final value of her investment?

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Question 883092: Stephen also invests $500 at 5%/a for 5 years but with compound interest that compounds weekly. What is the final value of her investment?
Answer by jim_thompson5910(35256) About Me  (Show Source):
You can put this solution on YOUR website!
I'm assuming the problem should be:

"Stephen also invests $500 at 5%/a for 5 years but with compound interest that compounds weekly. What is the final value of her investment?"


If so, then...

FV = PV*(1+r/n)^(n*t)

FV = 500*(1+0.05/52)^(52*5)

FV = 641.935597415173

FV = 641.94

The final value of her investment is $641.94