Question

Mark is investing $8,000 In an account paying 5.5% interest compounded weekly. What will marks account balance be in 6 years?

Answer 1

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\ 8000\\ r=rate\to 5.5\%\to \frac{5.5}{100}\dotfill &0.055\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{weekly, then fifty two} \end{array}\dotfill &52\\ t=years\dotfill &6 \end{cases}$

$\bf A=8000\left(1+\frac{0.055}{52}\right)^{52\cdot 6}\implies A\approx 8000(1.00106)^{312}\implies A\approx 11133.81$