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MrRissso [65]
3 years ago
13

Stephen deposited $1800 into a savings account for which interest is compounded weekly at a rate of 3.2%. How much interest will

he earn after 10 years?
A. $58.51

B. $678.59

C. $2478.59

D. $7679.48
Mathematics
1 answer:
Nady [450]3 years ago
8 0
Hi there
First find the future value using the compound interest formula
The formula is
A=p (1+r/k)^kn
A future value?
P present value 1800
R interest rate 0.032
K compounded weekly 52
N time 10 years
A=1,800×(1+0.032÷52)^(52×10)
A=2,478.59

Now find the interest earned
I=A-p
A future value 2478.59
P present value 1800
So
I=2,478.59−1,800
I=678.59

It's b

Good luck!
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