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Maggs invests $10,250 at a rate of 9%, compounded weekly. To the nearest whole dollar, find the value of the investment after 7 years. $10,375 $11,208 $18,737 $19,230
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Maggs invests $10,250 at a rate of 9%, compounded weekly. To the nearest whole dollar, find the value of the investment after 7 years. $10,375 $11,208 $18,737 $19,230

User Guillem Cucurull
by
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2 Answers

4 votes

Answer:

the correct answer is 19,230

Explanation:


User Lobsterism
by
7.6k points
0 votes
T = Total

P = Principal

R = Rate

Y = Years

T = P* (1+ r/n)^(y*n)

n=52

T = 10,250 * (1. 0.002)^(364)

T = 10,250 * 1.877

T = 19,235.03

Your answer is $19,253.03

Hope I helped!

Let me know if you need anything else!

~ Zoe (Rank:'Genius')


User John Glenn
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