If Julie invests $9,250 at a rate of 7%, compounded weekly, find the value of the investment after 5 years.
1 answer:
Answer:
Option D is correct.
Step-by-step explanation
Principal = $9250
rate of interest = 7% or 0.07
time = 5 years or 260 weeks
[ Since there are 52 weeks in a year . for 5 years it will be 5x52=260 weeks]
Applying the formula
Amount after t years =
where P = principal
r = rate % in decimals
n= number of times in a year
t = times ( in years)
plugging the values in the formula
Amount =
=
=
= 9250(1.418733588)
=$13123.29
You might be interested in
First you have to get the equation into slope/intercept format: y = mx + b
So the slope m = 2, and the y-intercept b = -1.
b tells you where the line intersects the y axis. The slope is rise (vertical distance) over run (horizontal distance). I have attached my best attempt at drawing this without graph paper. The dotted line represents the inequality, and the solution set includes the values above the line which is why it is shaded. Hope this helps!
