Answer:
A = $1034
Step-by-step explanation:
The relevant Amount function is A = P(1 + r/n)^(n*t), where r is the annual interest rate as a decimal fraction, n is the number of compounding periods per year, and t is the number of years.
There are 52 weeks in a year. Hence, n = 52, and 25 weeks = 25/52 year, or 0.481 year.
The accumulation (value of the savings) would be
A = ($1000)(1 + 0.07/52)^(52*[25/52]), or approximately
A = ($1000)(1.0013)^25, or approximately A = $1034
