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1 answer:
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Answer:
$2,728.40
Explanation:
Given:
Amount invested in a market = $2,500
Annual interest rate = 8.75%
also, The interest is compounded weekly
and there are 52 weeks in an year
Therefore, the interest rate when compounded weekly =
or
Interest rate, r = 0.168% = 0.00168
Thus,
The ending balance = Principle × ( 1 + r )ⁿ
here, n is the duration i.e 52 weeks
therefore,
The ending balance = $2,500 × ( 1 + 0.168 )⁵²
or
The ending balance = $2,728.40