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Popular Word Problems >

Find the final amount of money in an account if 1700 is deposited at 3% interest compounded weekly and the money is left for 8 years. The final amount is . Round answer to 2 decimal places

Solução

F in d t h e f ina l am o u n t o f m o n ey in an a cco u n t i f 1700 i s d e p os i t e d a t 3% in t eres t co m p o u n d e d w ee k l y an d t h e m o n ey i s l e f t f or 8 ye a rs . T h e f ina l am o u n t i s . R o u n d an s w er t o 2 d ec ima l pl a ces

Solução

Amount : 2160.97

Passos da solução

Translate the problem into an equation:

A = 1700 (1 + \frac{0.03}{52})^{52 \cdot 8}

1700 (1 + \frac{0.03}{52})^{52 \cdot 8} = 2160.97400 \dots

Amount : 2160.97400 \dots

Round

2160.97400 \dots

to the nearest 2 decimal places:

2160.97

Amount : 2160.97

Exemplos populares

The difference between the squares of two numbers is 24. Four times the square of the first number increased by the square of the second number is 101. Find the numbers.A couple deposits 25,000 into an account earning 3% annual interest for 30 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.Question 6700 dollars is placed in an account with an annual interest rate of 8.25% How much will be in the account after 28 years, to the nearest cent? Answer Attempt 3 out of 3 Ash is 16 years old. His mothers age is 6 less than 4 times his age. How old is his mother If 90009000 is invested at 33% compounded continuously, what is the amount after 88 years?