Question

Find the final amount of money in an account if $2,900 is deposited at 6.5% interest compounded weekly and the money is left for 10 years.

Answer 1

To find the final amount of money in the account, use the formula for compound interest: A = P(1 + r/n)^(nt), where A is the final amount, P is the initial deposit, r is the interest rate, n is the number of times the interest is compounded per year, and t is the number of years.

Step-by-step explanation:

To find the final amount of money in the account, we can use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where A is the final amount, P is the initial deposit, r is the interest rate (as a decimal), n is the number of times the interest is compounded per year, and t is the number of years.

For this question, we have P = $2,900, r = 6.5% = 0.065, n = 52 (weekly compounding), and t = 10 years. Plugging in these values into the formula, we get:

A = 2900(1 + 0.065/52)^(52*10)

Simplifying this equation will give us the final amount in the account after 10 years.