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Find the final amount of money in an account if 1700 is deposited at 3% interest compounded weekly and the money is left for 8 years. The final amount is . Round answer to 2 decimal places

Solución

F in d t h e f ina l am o u n t o f m o n ey in an a cco u n t i f 1700 i s d e p os i t e d a t 3% in t eres t co m p o u n d e d w ee k l y an d t h e m o n ey i s l e f t f or 8 ye a rs . T h e f ina l am o u n t i s . R o u n d an s w er t o 2 d ec ima l pl a ces

Solución

Amount : 2160.97

Pasos de solución

Translate the problem into an equation:

A = 1700 (1 + \frac{0.03}{52})^{52 \cdot 8}

1700 (1 + \frac{0.03}{52})^{52 \cdot 8} = 2160.97400 \dots

Amount : 2160.97400 \dots

Round

2160.97400 \dots

to the nearest 2 decimal places:

2160.97

Amount : 2160.97

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