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11 September, 15:55

Nolan deposited $2300 into a savings account for which interest is compound weekly at a rate of 2.12%.

How much interest will he earn after 7 years?

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Answers (2)
  1. 11 September, 17:38
    0
    p (1+r/n) ^ (r times n)

    P is your start amount

    R is rate as a decimal 5% would be 0.05

    t is time (years)

    n is the number of time compounded, weekly would be 52 times a year.

    2300 (1 + (0.0212/52)) ^ (52 times 7)

    2300 (1.0004076) ^ (364)
  2. 11 September, 18:59
    0
    The answers is 367.87
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