The problem could be solved by using the future value (FV) formula: FV = PV × (1 + r)ⁿ, where;
PV = Present value
r = interest rate
n period
So, substituting the formula with the value:
FV = $38,600 × (1 + (.03÷52))⁵²
≈ $39,775.20
Note that the interest is divided by 52 since it has to be compounded weekly.
So, the weekly payment will amount to $764.91 ($39,775.20÷52).
False
The short-run effects of an increase in the saving rate include a higher level of productivity, a higher growth rate of productivity, and a higher growth rate of income.
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