Answer:
So, after 7.75 years, your investment will grow to a total value of $16,029.50.
Explanation:
To calculate the total value of your investment after 7.75 years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
A = the final amount
P = the principal amount (initial investment)
r = the annual interest rate (in decimal form)
n = the number of times interest is compounded per year
t = the number of years
In this case, the principal amount (P) is $10500.00, the annual interest rate (r) is 6.30% or 0.063 in decimal form, the interest is compounded weekly (n = 52), and the time (t) is 7.75 years.
Plugging in the values into the formula, we get:
A = 10500(1 + 0.063/52)^(52*7.75)
Calculating this equation, the total value of your investment after 7.75 years is $16,029.50 (rounded to the nearest cent).