Answer:
Explanation:
We would apply the formula for determining compound interest which is expressed as
A = P(1 + r/n)^nt
Where
A = total amount in the account at the end of t years
r represents the interest rate.
n represents the periodic interval at which it was compounded.
P represents the principal or initial amount deposited
From the information given,
P = $3385
r = 3.5% = 3.5/100 = 0.035
A year has 52 weeks.
n = 52 because it was compounded 52 times in a year.
t = 15 years
Therefore,
A = 3385(1 + 0.035/52)^52 × 15
A = 3385(1 + 0.00067)^780
A = 3385(1.00067)^780
A = $5708.80