Your uncle won the powerball jack[ot and decided to give you 50000 dollars. You want to save this money for college so you find
an investment that has an anual interest rate of 3.75% and is compounded weekly. How much money will you have for college in 4 years
1 answer:
Answer: $58,088.57
Step-by-step explanation:
The investment is compounded weekly so you need to change the parameters of the equation to a weekly figure:
Interest rate is yearly so:
= 3.75%/52
= 3.75/52% per week
Number of periods is 4 years so:
= 4 * 52
= 208 weeks
Future value in 4 years is:
= 50,000 * ( 1 + 3.75/52%)²⁰⁸
= $58,088.57
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