Question

If you invest $2000 in a bank offering 10% interest compounded weekly, how do you find the value of your investment after five years?

Answer 1

`F=$ 3,295.86`

Explanation:

The given `P=$ 2000`
`r=10 %` assumed per year
compounded weekly: `52` periods per year

Future value `F=2000(1+(10%)/52)^(52*(5)`

`F=$ 3,295.86`

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