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Anita Bath deposits 2,500 dollars into a bank that pays 2.5 percent interest compounded weekly. How much will she have after 5 years

Solution

Anita Bath deposits 2, 500 dollars into a bank that pays 2.5 percent interest compounded weekly. How much will she have after 5 years

Solution

Amount : 2832.79

Solution steps

Translate the problem into an equation:

A = 2500 (1 + \frac{0.025}{52})^{52 \cdot 5}

2500 (1 + \frac{0.025}{52})^{52 \cdot 5} = 2832.78603 \dots

Round to the nearest hundredth:

2832.79

Amount : 2832.79

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