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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

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