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Angela deposits 2000 into an account with an APR of 4.9% for 11 years. Find the future value of the account if interest is compounded weekly. Round your answer to two decimal places.

Solution

A n g e l a d e p os i t s 2000 in t o an a cco u n t w i t h an A PR o f 4.9% f or 11 ye a rs . F in d t h e f u t u re v a l u e o f t h e a cco u n t i f in t eres t i s co m p o u n d e d w ee k l y . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Solution

Amount : 3427.71

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.049}{52})^{52 \cdot 11}

2000 (1 + \frac{0.049}{52})^{52 \cdot 11} = 3427.71338 \dots

Amount : 3427.71338 \dots

Round

3427.71338 \dots

to the nearest 2 decimal places:

3427.71

Amount : 3427.71

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