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Popular Word Problems >

you deposit 10,000 into an account that compounds weekly with an annual rate of 5.2%, How much money will be in the account in 6 years?

Solution

yo u d e p os i t 10, 000 in t o an a cco u n t t ha t co m p o u n d s w ee k l y w i t h an ann u a l r a t e o f 5.2%, Ho w m u c h m o n ey w i ll b e in t h e a cco u n t in 6 ye a rs ?

Solution

Amount : 13659.42

Solution steps

Translate the problem into an equation:

A = 10000 (1 + \frac{0.052}{52})^{52 \cdot 6}

10000 (1 + \frac{0.052}{52})^{52 \cdot 6} = 13659.41731 \dots

Round to the nearest hundredth:

13659.42

Amount : 13659.42

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