Angela deposits 2000 into an account with an APR of 4.9% for 11 years. Find the future value of the account if interest is compounded weekly. Round your answer to two decimal places.

Solution

Solution

Amount : 3427.71

Solution steps

Translate the problem into an equation:

A = 2000 (1 + \frac{0.049}{52})^{52 \cdot 11}

2000 (1 + \frac{0.049}{52})^{52 \cdot 11} = 3427.71338 \dots

Amount : 3427.71338 \dots

Round

3427.71338 \dots

to the nearest 2 decimal places:

3427.71

Amount : 3427.71

Popular Examples

Four times a number is equal to 25 decreased by the number The product of 10 and a number is 3 less than the number Six less than a number divided by four is two A square name tag has sides that are 8 centimeters long. What is the name tag's perimeter?Jenny deposited 4000 into an account with 5.7% interest, compounded semiannually. Assuming that no withdrawals are made, how much will she have in the account after 4 years?