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Kaiden deposited $6200 into a savings account for which interest is compounded weekly at a rate of 2.77% . How much interest will he earn after 8 years?

Kaiden deposited $6200 into a savings account for which interest is compounded weekly at a rate of 2.77% . How much interest will he earn after 8 years?
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Kaiden deposited $6200 into a savings account for which interest is compounded weekly at a rate of 2.77% .

How much interest will he earn after 8 years?

User Smatthewenglish
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1 Answer

6 votes
Total = Princ * (1 + rate/n)^n*years
Total = 6,200 * (1 + .0277/52)^52*8
Total = 6,200 * (1.0005326923)^416
Total = 6,200 * 1.2479984094
Total = 7,737.59

Kaiden deposited $6200 into a savings account for which interest is compounded weekly-example-1
User Wurstbro
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