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A college graduate makes an initial investment of 1, 000 at 12% interest is compounded weekly. What will the investment be worth in 30 years?

Solution

A college graduate makes an initial investment of 1, 000 at 12% interest is compounded weekly. What will the investment be worth in 30 years?

Solution

Amount : 36446.76

Solution steps

Translate the problem into an equation:

A = 1000 (1 + \frac{0.12}{52})^{52 \cdot 30}

1000 (1 + \frac{0.12}{52})^{52 \cdot 30} = 36446.75882 \dots

Round to the nearest hundredth:

36446.76

Amount : 36446.76

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