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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?
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3 votes
3 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?

User Mario David
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2 Answers

22 votes
22 votes

Answer: 1534.66

Step-by-step explanation:

6200(1 + 0.00395714285)^56= 7734.66361102

7734.66361102- 6200= 1534.66361102

User TalesM
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3.5k points
28 votes
28 votes

p=(1+r/100)⁸

6200(1+2.77/100)⁸=$50,973.92

User Papa Stahl
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3.3k points
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