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25 March, 04:04

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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  1. 25 March, 06:56
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    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
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