A couple deposits 15,000into an account earning 5% annual interest for 20 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.

Solución

A couple deposits 15, 000into an account earning 5% annual interest for 20 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.

Solución

Amount : 40754.64

Pasos de solución

Translate the problem into an equation:

A = 15000 (1 + \frac{0.05}{52})^{52 \cdot 20}

15000 (1 + \frac{0.05}{52})^{52 \cdot 20} = 40754.64169 \dots

Round to the nearest hundredth:

40754.64

Amount : 40754.64

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