Malik deposits 5000 in an account that pays 3.9% interest compounded weekly. What will be the value of the account in 8 years? Round to the nearest cent.

Solution

Solution

Amount : 6829.97

Solution steps

Translate the problem into an equation:

A = 5000 (1 + \frac{0.039}{52})^{52 \cdot 8}

5000 (1 + \frac{0.039}{52})^{52 \cdot 8} = 6829.97471 \dots

Round to the nearest hundredth:

6829.97

Amount : 6829.97

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