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Find the final amount of money in an account if 2,200 is deposited at 5.5 % interest compounded weekly and the money is left for 9 years.

Solution

Find the final amount of money in an account if 2, 200 is deposited at 5.5 % interest compounded weekly and the money is left for 9 years.

Solution

Amount : 3608.15

Solution steps

Translate the problem into an equation:

A = 2200 (1 + \frac{0.055}{52})^{52 \cdot 9}

2200 (1 + \frac{0.055}{52})^{52 \cdot 9} = 3608.15213 \dots

Round to the nearest hundredth:

3608.15

Amount : 3608.15

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