Question

PLEASE HELP!

If Mr Mantle invests $15,000 in an account with 8% interest compounded
weekly how much would he have after 9 years?
a) $19,019,635.24
b) $16,119.74
c) $30,799.45
d) $30,798.77

Answer 1

Answer: c) $30,799.45

Explanation:

Assuming there are 52 weeks in a year, the rate and time would be converted to;

Rate = 8%/52 = 8/52%

No. of periods = 9 years * 52 weeks = 468

The amount Mr Mantle would have is;

= 15,000 * ( 1 + 8/52%) ⁴⁶⁸

= $30,799.45276

= $30,799.45