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What principal amount will grow to $300 if invested at 6.5 compounded weekly for 4 years

User FUD
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Answer:o find amount we use formula:


A=P(1+rn)n⋅t

A = total amount

P = principal or amount of money deposited,

r = annual interest rate

n = number of times compounded per year

t = time in years

In this example we have


P=$4500 , r=7% , n=2 and t=9 years

After plugging the given information we have


AAAA=4500(1+0.072)2⋅9=4500⋅1.03518=4500⋅1.857489=8358.7

STEP 2: To find interest we use formula A=P+I, since A=8358.7 and P = 4500 we have:


A8358.7II=P+I=4500+I=8358.7−4500=3858.7


so the answer is 8358.7 and the interest is 3858.7


User Mlarsen
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