What is the interest earnt on a $5000 investment at 6.4% p.a. after 3 years if interest is compounded weekly?
1 answer:
Let's assume there are 52 weeks in a year,
so we have , rate= 6.4/52= 0.123%
now ,
c.i = 5000[(1+0.123/100)^3×52 -1]
= $1056.911
took me a while
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