en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Angela deposits 4500 into an account with an APR of 3.6% for 8 years. Find the future value of the account if interest is compounded weekly. Round your answer to two decimal places.

Solution

A n g e l a d e p os i t s 4500 in t o an a cco u n t w i t h an A PR o f 3.6% f or 8 ye a rs . F in d t h e f u t u re v a l u e o f t h e a cco u n t i f in t eres t i s co m p o u n d e d w ee k l y . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Solution

Amount : 6001.31

Solution steps

Translate the problem into an equation:

A = 4500 (1 + \frac{0.036}{52})^{52 \cdot 8}

4500 (1 + \frac{0.036}{52})^{52 \cdot 8} = 6001.30983 \dots

Amount : 6001.30983 \dots

Round

6001.30983 \dots

to the nearest 2 decimal places:

6001.31

Amount : 6001.31

Popular Examples

Latoya wants to buy a bond that will mature to\$4500 in six years. How much should she pay for the bond now if it earns interest at a rate of 3.5% per year, compounded continuously?At a baseball game, a vender sold a combined total of 116 sodas and hot dogs. The number of sodas sold was three times the number of hot dogs sold. Find the number of sodas and the number of hot dogs sold.Mariah promised her children they would play on the beach for 90 minutes. After they played for 𝑦 minutes, she reminded the children that they would be leaving in 15 minutes. Determine the amount of time that the children spent playing The product of 7 and the square of a number.85% of what number is 76.5