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Popular Word Problems >

Find the final amount of money in an account if 2,200 is deposited at 5.5 % interest compounded weekly and the money is left for 9 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 2, 200 i s d e p os i t e d a t 5.5 % 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 9 ye a rs .

Solution

Amount : 3608.15

Solution steps

Translate the problem into an equation:

A = 2200 (1 + \frac{0.055}{52})^{52 \cdot 9}

2200 (1 + \frac{0.055}{52})^{52 \cdot 9} = 3608.15213 \dots

Round to the nearest hundredth:

3608.15

Amount : 3608.15

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