Given the diagram below, find the value of x.
1 answer:
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Answer:
$28,188.46
Step-by-step explanation:
The formula you need is:
Where A(t) is the amount after the compounding, P is the initial investment, r is the interest rate, n is the number of compoundings per year, and t is the time in years. We are looking for A(t). P is $14,250; r in decimal form is .0525; n is 52 since there are 52 weeks in a year; t is 13 years. Filling in:
Simplifying inside the parenthesis and the exponential multiplication:
Raising the number in parenthesis to the power of 676 gives us:
A(t) = 14,250(1.978137432)
Multiplying then gives us $28,188.46