Question 1202020
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You want to have $500,000 when you retire in 10 years. 
If you can earn 3% interest compounded weekly, how much would you need to deposit now 
into the account to reach your retirement goal?
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            @Theo got something completely mixed up while reading the problem, 

            so his solution is incorrect and you better ignore it.

            I came to bring you a correct solution.



<pre>
Use the formula for discretely compounded account 

      f = p * (1 + r) ^ n


where f is the future value
      p is the principal (the deposited amount)
      r is the interest rate per time period, presented as a decimal
      n is the number of time periods.


Your time periods are weeks.


f = 500000 dollars.
r = 0.03/52.
n = 10 years * 52 = 520 weeks.


Formula becomes 500000 = {{{p*(1 + 0.03/52)^520}}},  which gives

    p = {{{500000/(1+0.03/52)^520}}} = 370441.16  to the nearest cent.    <U>ANSWER</U>
</pre>

Solved.


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To see many other similar &nbsp;(and different) &nbsp;solved problems on compounded interest accounts, &nbsp;look into the lesson

&nbsp;&nbsp;&nbsp;&nbsp;- <A HREF=https://www.algebra.com/algebra/homework/percentage/lessons/Compound-interest-percentage-problem.lesson>Compounded interest percentage problems</A> 

in this site.


Learn the subject from there and become an expert.