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Popular Word Problems >

Find the final amount of money in an account if 500 is deposited at 2% interest compounded weekly and the money is left for 9 years. The final amount is . Round answer to 2 decimal places

Solution

F in d 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 500 i s d e p os i t e d a t 2% 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 . T h e f ina l am o u n t i s . R o u n d an s w er t o 2 d ec ima l pl a ces

Solution

Amount : 598.59

Solution steps

Translate the problem into an equation:

A = 500 (1 + \frac{0.02}{52})^{52 \cdot 9}

500 (1 + \frac{0.02}{52})^{52 \cdot 9} = 598.58796 \dots

Amount : 598.58796 \dots

Round

598.58796 \dots

to the nearest 2 decimal places:

598.59

Amount : 598.59

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