Question

. Stephen deposited $1800 into a savings account for which interest is compounded weekly at a rate of 3.2%. How much interest will he earn after 10 years?

58.81
678.59
2478.59
im just putting this up to see if my answer was write. i did the math and unless i messed up writing i got the second answer

Answer 1

A = P(1+i/n)^nt

A = Total amount paid
P = Principal amount
i = Annual interest
n = number of payments per year
t = time in years

Substituting the values given,
A = 1800(1+0.032/52)^52*10 = $2,478.59

Interest paid = A - P = 2478.59-1800 = $678.59

Second answer is correct.