Question

find the value of an investment of $3500 for 3 years at an interest rate of 5.6% if the money is compounded weekly

Answer 1

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\ 3500\\ r=rate\to 5.6\%\to \frac{5.6}{100}\to &0.056\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{weekly, thus fifty two} \end{array}\to &52\\ t=years\to &3 \end{cases}$

$\bf A=3500\left(1+\frac{0.056}{52}\right)^{52\cdot 3}\implies A=3500\left( \frac{6507}{6500} \right)^{156} \\\\\\ A\approx 4139.9038869337$