Maggs invests $10,250 at a rate of 9%, compounded weekly. To the nearest whole dollar, find the value of the investment after 7 years.

Question

Terrance Fuentes

Mathematics

4 January, 16:19

Maggs invests $10,250 at a rate of 9%, compounded weekly. To the nearest whole dollar, find the value of the investment after 7 years.

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Answers (1)

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Adrienne Wood · Answer 1

In a year: 52 weeks.

In 7 years: 52 * 7 = 364 weeks.

10,250 * (1 + 0.09/52) ^364 =

= 10,250 * (1 + 0.00173) ^364 =

= 10,250 * 1.00173^364 =

= 10,250 * 1.876 =

= $19,229.65 ≈ $19,230