Question

You invested $1000 at 8.2% which is compounded weekly for 7 years. How much will

your $1000 be worth in 7 years?

Answer 1

$1774.75

Explanation:

`F = P(1+(r)/(n))^(nt)`

F = future value = unknown

P = present value = $1000

r = interest rate as decimal = 8.2% = 0.082

n = number of compounding periods per year = 52

t = number of years = 7

`F = 1000(1+(0.082)/(52))^(52 * 7)`

`F = 1774.55`