Question

Jenna invested 2300 in an account that earns 4.25% interest compounded weekły. Assuming there are no other deposits or withdrawals, find the
balance in the account after 18 years. Round to the nearest cent (2 decimal places

Answer 1

Based on the amount invested, and the interest, the amount after 18 years would be $4,941.14

The interest is compounded weekly so you must convert it to a weekly rate:

= 4.25% / 52 weeks

= 4.25/52%

Number of periods:

= 18 years x 52 weeks

= 936 weeks

The future value of this amount is:

= Amount x ( 1 + rate) ^ number of periods

= 2,300 x ( 1 + 4.25/52%)⁹³⁶

= $4,941.14

In conclusion, the amount would be $4,941.14

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