Final answer:
To calculate the value of the account in 8 years, use the formula for compound interest: A = P(1 + r/n)^(nt), where A is the final amount, P is the principal (initial deposit), r is the annual interest rate (as a decimal), n is the number of times the interest is compounded per year, and t is the number of years.
Step-by-step explanation:
To calculate the value of the account in 8 years, we can use the formula for compound interest: A = P(1 + r/n)^(nt), where A is the final amount, P is the principal (initial deposit), r is the annual interest rate (as a decimal), n is the number of times the interest is compounded per year, and t is the number of years. In this case, P = $5000, r = 0.039 (3.9% expressed as a decimal), n = 52 (weekly compounding), and t = 8. Plugging these values into the formula, we get: A = $5000(1 + 0.039/52)^(52*8) = $5000(1.0075)^(416) ≈ $6783.14. Therefore, the value of the account in 8 years would be approximately $6783.14.