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Popular Word Problems >

Find the final amount of money in an account if 9,100 is deposited at 3% interest compounded weekly and the money is left for 6 years.

Solution

solve for

t h e f ina l am o u n t o f m o n ey in an a cco u n t i f 9, 100 i s d e p os i t e d a t 3% in t eres t co m p o u n d e d w ee k l y an d t h e m o n ey i s l e f t f or 6 ye a rs .

Solution

Amount : 10894.11

Solution steps

Translate the problem into an equation:

A = 9100 (1 + \frac{0.03}{52})^{52 \cdot 6}

9100 (1 + \frac{0.03}{52})^{52 \cdot 6} = 10894.11255 \dots

Round to the nearest hundredth:

10894.11

Amount : 10894.11

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