Question

If Julie invests $9,250 at a rate of 7%, compounded weekly, find the value of the investment after 5 years

Answer 1

Total = Principal * (1 + rate/n)^n*years where "n" is the number of compounding periods
Total = 9,250 * (1 + .07/52)^52*5
Total = 9,250 * (1.0013461538)^260
Total = 9,250 * 1.418733571
Total = 13,123.29
Source: Compound Interest Formulas
http://www.1728.org/compint3.htm