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A couple deposits 21,000 into an account earning 6% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.

Solution

A couple deposits 21, 000 into an account earning 6% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.

Solution

Amount : 51624.87

Solution steps

Translate the problem into an equation:

A = 21000 (1 + \frac{0.06}{52})^{52 \cdot 15}

21000 (1 + \frac{0.06}{52})^{52 \cdot 15} = 51624.87376 \dots

Round to the nearest hundredth:

51624.87

Amount : 51624.87

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