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sasho [114]
3 years ago
12

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.
Mathematics
2 answers:
Setler79 [48]3 years ago
6 0
Number of weeks in a year: 52
Weeks in 7 years: 52 x 7 = 364 

Final amount = Initial amount x (1 + interest)^(time period)

Final amount = 10,250 x (1.09)³⁶⁴
Final amount = $4.3 x 10¹⁷
LiRa [457]3 years ago
3 0
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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