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Suppose an investor deposits \$16,000 into an account for which interest is compounded weekly. Find the amount of money in the account after 6 years using the following interest rate. If r=3.5%, then the investment is worth what after 6 years?

Solution

Suppose an investor deposits $16, 000 into an account for which interest is compounded weekly. Find the amount of money in the account after 6 years using the following interest rate. If r=3.5%, then the investment is worth what after 6 years?

Solution

Amount : 19737.45

Solution steps

Translate the problem into an equation:

A = 16000 (1 + \frac{0.035}{52})^{52 \cdot 6}

16000 (1 + \frac{0.035}{52})^{52 \cdot 6} = 19737.45462 \dots

Round to the nearest hundredth:

19737.45

Amount : 19737.45

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