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Find the final amount of money in an account if 2,200 is deposited at 6.5% interest compounded weekly and the money is left for 10 years.

Solution

Find the final amount of money in an account if 2, 200 is deposited at 6.5% interest compounded weekly and the money is left for 10 years.

Solution

Amount : 4212.48

Solution steps

Translate the problem into an equation:

A = 2200 (1 + \frac{0.065}{52})^{52 \cdot 10}

2200 (1 + \frac{0.065}{52})^{52 \cdot 10} = 4212.47958 \dots

Round to the nearest hundredth:

4212.48

Amount : 4212.48

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