Question

Suppose you invest $8,600 into a savings account with a 7.25% annual interest rate

that compounds interest weekly. Use the TVM solver on your calculator to find the future
value of the account after nine years,

Answer 1

16,507.38

Explanation:

The equation for this would be 8600(1 + 0725/52)^52*9

9 is the years, 52 is the compounded weekly, and 8600 is the initial amount.

Solving the equation, we get:

16,507.38