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omeli [17]
3 years ago
5

Find the time required for an investment of 5000 dollars to grow to 8400 dollars at an interest rate of 5.8 percent per year, co

mpounded weekly.
Business
1 answer:
dimulka [17.4K]3 years ago
4 0

Answer:

It will take 464 weeks.

Explanation:

Giving the following information:

Future value (FV)= $8,400

Present value (PV)= $5,000

Interest rate (i)= 0.058/52= 0.00112

<u>To calculate the number of weeks required to reach the objective, we need to use the following formula:</u>

n= ln(FV/PV) / ln(1+i)  

n= ln(8,400/5,000) / ln(1.00112)

n= 463.47 = 646

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