Brent invested $5607 in an account at 2% compounded weekly. Calculate the total investment after 7 years.
Please show me the steps.
I tried using this formula but it did not work. A=P(1+r/n)^6x1
4 answers
I don't know sorry 😔
Okay let's look at our variables first:
P = $5607
R= 2% = 0.02
T= 7 years
n= 52 (it is compounded weekly)
Now we just plug it into the formula:
A=P(1+r/n)^nt
A=5607*[1+(.02/52)]^(52*7)
Plug it into calculator, you get:
A= $6449.41
Hope that helps.
P = $5607
R= 2% = 0.02
T= 7 years
n= 52 (it is compounded weekly)
Now we just plug it into the formula:
A=P(1+r/n)^nt
A=5607*[1+(.02/52)]^(52*7)
Plug it into calculator, you get:
A= $6449.41
Hope that helps.
How long would it take an investment of $6000 to amount to $9000 if interest is earned at 7% compounded continuously ?
Just checking something