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A couple deposits 25,000 into an account earning 3% annual interest for 30 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 25, 000 into an account earning 3% annual interest for 30 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.

Solution

Amount : 61474.12

Solution steps

Translate the problem into an equation:

A = 25000 (1 + \frac{0.03}{52})^{52 \cdot 30}

25000 (1 + \frac{0.03}{52})^{52 \cdot 30} = 61474.12221 \dots

Round to the nearest hundredth:

61474.12

Amount : 61474.12

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