Final answer:
The ending balance of a deposit with 2.6% interest compounded weekly for five years is found using the compound interest formula A = P(1 + r/n)^(nt), with r = 0.026 and n = 52.
Step-by-step explanation:
To calculate the ending balance of a deposit P dollars at 2.6% interest compounded weekly for five years, we can use the formula for compound interest:
A = P(1 + r/n)^(nt)
Where:
Since the interest is compounded weekly, there are 52 weeks in a year, so n = 52. The annual interest rate of 2.6% is converted to a decimal by dividing by 100, so r = 0.026.
Thus, the formula becomes:
A = P(1 + 0.026/52)^(52*5)
By substituting the values, we can find the ending balance algebraically for any initial deposit amount P.