en

English

Español

Português

Français

Deutsch

Italiano

Русский

中文(简体)

한국어

日本語

Tiếng Việt

עברית

العربية

Popular >

Find the final amount of money in an account if 9,100 is deposited at 3% interest compounded weekly and the money is left for 6 years.

Solution

Find the final amount of money in an account if 9, 100 is deposited at 3% interest compounded weekly and the money is left for 6 years.

Solution

Amount : 10894.11

Solution steps

Translate the problem into an equation:

A = 9100 (1 + \frac{0.03}{52})^{52 \cdot 6}

9100 (1 + \frac{0.03}{52})^{52 \cdot 6} = 10894.11255 \dots

Round to the nearest hundredth:

10894.11

Amount : 10894.11

Popular Examples

A number decreased by 15 is equal to the number times −5.one less than three times a number Pat is 20 years older than his son Patrick. In 2 years Pat will be twice as old as Patrick a number less ten is twenty-two Jeffrey opened a savings account and deposited 600.00. The account earns 1% interest, compounded annually. If he wants to use the money to buy a new bicycle in 2 years, how much will he be able to spend on the bike?