.05309/52 = .001021
so every week multiply by 1.001021
after n weeks
x = 867 (1.001021)^n
if n= 14
x = 867 (1.001021)^14
= 867* 1.014388
= 879.48
1500 =867 (1.001021)^n
1.73 = (1.001021)^n
ln 1.73 = n ln 1.001021
etc
Jenny deposits $867 into an account earning 5.309%, compounded weekly.
(a) What will be her account balance in 14 weeks?
(b) How long will it take for the account balance to grow to $1,500?
1 answer