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Popular Word Problems >

Anita Bath deposits 2,500 dollars into a bank that pays 2.5 percent interest compounded weekly. How much will she have after 5 years

Solution

A ni t a B a t h d e p os i t s 2, 500 d o ll a rs in t o a bank t ha t p a ys 2.5 p erce n t in t eres t co m p o u n d e d w ee k l y . Ho w m u c h w i ll s h e ha v e a f t er 5 ye a rs

Solution

Amount : 2832.79

Solution steps

Translate the problem into an equation:

A = 2500 (1 + \frac{0.025}{52})^{52 \cdot 5}

2500 (1 + \frac{0.025}{52})^{52 \cdot 5} = 2832.78603 \dots

Round to the nearest hundredth:

2832.79

Amount : 2832.79

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