Question

How much is $1250 worth at the end of 3 year, if the interest rate of 6.5% is compounded weekly?

Answer 1

The amount after 3 years will be $ 1509.9.

To learn more, check below explanation.

Compound interest:

If the amount P is invested at the rate of r% for n years.

Then, the amount after n years is computed as;

Given that, Principal = 1250 , r = 6.5% and n = 3 years.

                   $A=P(1+\frac{r}{100} )^{n}\\ \\A=1250(1+\frac{6.5}{100} )^{3} \\\\A=1250*(\frac{106.6}{100} )^{3}\\ \\A=\ 1509.9$

Hence, the amount after 3 years will be $ 1509.9

Learn more about the compound interest here:

https://brainly.com/question/24924853