Question

Pamela deposits $4,000 in an account that earns interest at 5% APR compounded weekly. What is her ending balance after 2 years? Round to the nearest cent.

Answer 1

The answer is $4419.76

A = P (1 + r/n)^nt

Therefore,

A = 4000 (1 + 0.05/52)^52 x 2
A = 4000 (1.00096)^104
A = 4000 (1.1049)
A= 4419.76

Hope that helps!
(I'll take brainliest thank you ;))

Answer 2

Hi there :-)

A=p (1+r/k)^kt
A future value
P present value 4000
R interest rate 0.05
K compounded weekly 52
T time 2 years

A=4,000×(1+0.05÷52)^(52×2)
A=4,420.47

Hope it helps