Asked by Anonymous
Hans opens a savings account by depositing $100 every week in an account that earns 3% interest compounded weekly. How much will his investment be worth in 10 years?
Answers
Answered by
oobleck
recall that for an ordinary annuity,
F = p * ((1+r)^n - 1)/r = 100((1 + 0.03/12)^520 - 1)/(0.03/12) = _____
F = p * ((1+r)^n - 1)/r = 100((1 + 0.03/12)^520 - 1)/(0.03/12) = _____
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