1. Robbie opens an account at a local bank and deposits $100 every week into the account.
1 answer:
Answer:
the amount in the account after three years? = $110.96
Step-by-step explanation:
the formula to calculate the amount compounded after 3year =
A = P(1 + r/n)∧nt
A =
where P = principal =starting amount = $100 weekly
r= interest rate = 2.4% weekly = 0.024
t = time interest is computed = 3years =
n = number of time interest is compounded per year =52.1weeks
inputing the parameters
A =
A = 100 (1.0005)^{208}
A = 100 *1.1096
A = $110.96
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