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Popular Word Problems >

Find the final amount of money in an account if 8,100 is deposited at 6.5 % interest compounded weekly and the money is left for 6 years. Round the answer to 2 decimal places.

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 8, 100 i s d e p os i t e d a t 6.5 % 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 . R o u n d t h e an s w er t o 2 d ec ima l pl a ces .

Solution

Amount : 11960.63

Solution steps

Translate the problem into an equation:

A = 8100 (1 + \frac{0.065}{52})^{52 \cdot 6}

8100 (1 + \frac{0.065}{52})^{52 \cdot 6} = 11960.63109 \dots

Amount : 11960.63109 \dots

Round

11960.63109 \dots

to the nearest 2 decimal places:

11960.63

Amount : 11960.63

Popular Examples

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