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Popular Word Problems >

Angela deposits 1000 into an account with an APR of 2.9% for 11years. Find the future value of the account if interest is compounded weekly. Round your answer to two decimal places.

Solution

A n g e l a d e p os i t s 1000 in t o an a cco u n t w i t h an A PR o f 2.9% f or 11 ye a rs . F in d t h e f u t u re v a l u e o f t h e a cco u n t i f in t eres t i s co m p o u n d e d w ee k l y . R o u n d yo u r an s w er t o tw o d ec ima l pl a ces .

Solution

Amount : 1375.63

Solution steps

Translate the problem into an equation:

A = 1000 (1 + \frac{0.029}{52})^{52 \cdot 11}

1000 (1 + \frac{0.029}{52})^{52 \cdot 11} = 1375.62900 \dots

Amount : 1375.62900 \dots

Round

1375.62900 \dots

to the nearest 2 decimal places:

1375.63

Amount : 1375.63

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