Suppose that 18,000 is deposited for eight years at 3% APR. Calculate the interest earned if interest is compounded weekly. Round your answer to the nearest cent.

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Solución

Suppose that 18, 000 is deposited for eight years at 3% APR. Calculate the interest earned if interest is compounded weekly. Round your answer to the nearest cent.

Solución

Interest : 4880.9

Pasos de solución

Translate the problem into an equation:

22880.90119 \dots = 18000 + I

Resolver para

I, 22880.90119 \dots = 18000 + I : I = 4880.9

Interest : 4880.9

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