A couple deposits 21,000 into an account earning 6% annual interest for 15 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 21, 000 into an account earning 6% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.

Solución

Amount : 51624.87

Pasos de solución

Translate the problem into an equation:

A = 21000 (1 + \frac{0.06}{52})^{52 \cdot 15}

21000 (1 + \frac{0.06}{52})^{52 \cdot 15} = 51624.87376 \dots

Round to the nearest hundredth:

51624.87

Amount : 51624.87

Ejemplos populares

7 more than a number Conner invested 1000 dollars in a account 5 years ago. The balance is 1216.55 dollars now. What is the interset rate?Gary is 10 years old. Nate is 1 year older than Michelle and 18 years younger than Duncan. Michelle is 3 years older than Gary. How old is Nate?An amount of 23000 is borrowed for 11 years at 7.25% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?A fair coin is tossed 7 times. What is the probability that all tosses will be tails?