Kaiden deposited $6200 into a savings account for which interest is compounded weekly at a rate of 2. 77%. How much interest will he earn after 8 years?

My account
Edit my Profile
Private messages
My favorites

Ask a Question
Questions
Unanswered
Tags
Categories
Ask a Question

asked May 20, 2023 121k views

20 votes

Kaiden deposited $6200 into a savings account for which interest is compounded weekly at a rate of 2. 77%. How much interest will he earn after 8 years?

SAT
high-school

Mkral asked

by Mkral

3.3k points

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

2 Answers

4 votes

Answer: 1534.66

Step-by-step explanation:

6200(1 + 0.00395714285)^56= 7734.66361102

7734.66361102- 6200= 1534.66361102

Alexei Malashkevich answered May 22, 2023

by Alexei Malashkevich

3.2k points

0 Comments

Please log in or register to add a comment.

7 votes

p=(1+r/100)⁸

6200(1+2.77/100)⁸=$50,973.92

Richard H answered May 26, 2023

by Richard H

3.8k points

0 Comments

Please log in or register to add a comment.

Ask a Question

Welcome to QAmmunity.org, where you can ask questions and receive answers from other members of our community.

3.4m questions

4.3m answers

0 Comments

Please log in or register to add a comment.

Please log in or register to answer this question.

2 Answers

0 Comments

Please log in or register to add a comment.

0 Comments

Please log in or register to add a comment.

Other Questions