Final answer:
To express the ending balance algebraically, use the formula for compound interest with the given values.
Step-by-step explanation:
To calculate the ending balance after five years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
- A is the ending balance
- P is the initial deposit
- r is the interest rate
- n is the number of times the interest is compounded per year
- t is the number of years
In this case, P = $P, r = 2.6%, n = 52 (compounded weekly), and t = 5.
Plugging in the values, the formula becomes:
A = P(1 + 0.026/52)^(52*5)
Simplifying the equation gives us the algebraic expression for the ending balance.