Your employer contributes $80 at the end of each week to your retirement account. The account will earn a weekly interest rate of. 15 percent. How much will the account be worth when you retire in 40 years

Final Value = $1,151,653.43

Explanation:

Giving the following information:

Weekly contribution = $80

Weekly interest rate = 0.15 percent.

Number of years = 40

To calculate the final value, we need to use the following formula:

FV = {A*[ (1+i) ^n-1]}/i

A = weekly deposit = 80

n = 40*52 = 2,080 weeks

i = 0.0015

FV = {80*[ (1.0015^2080) - 1]} / 0.0015

FV = $1,151,653.43