Question

If Jeannie invests $7,250 at a rate of 12%, compounded weekly, find the value of the investment after 10 years. $24,037.59 $16,027.44 $22,517.40 $24,070.85... 25 POINTS ANSWER FAST!

Answer 1

option 1 is correct,

Answer 2

Hi there!

• Principle amount, P = $ 7, 250

• Rate of interest, r = 12 %

• No. of weeks in an year, n = 52

• Time period, t = 10 years

Aₜ = P [ 1 + (
`\frac {r}{n}`) ] ᴺ ˣ ᵀ

A₁₀ = 7, 250 [ 1 + (
`\frac {0.12}{52}`) ] ⁵² ˣ ¹⁰

Simplifying :-

A₁₀ = $ 24,037.59

Hence,
Option [ 1. ] - $ 24,037.59 is Correct

~ Hope it helps!