Question 288277
: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+{{{r/n}}}))^(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 + {{{.035/52}}})^(52*8)
:
A = 3500(1.0006731)^416
:
A = 3500*1.323
:
A = $4630.50