Question

(1 point) If you invest $2,766.13 in an account earning an annual interest rate of 2.921% compounded weekly, how much will be in your account after 5 years? After 11 years? After 5 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places) After 11 years: (Note: Your answer should include a dollar sign and be accurate to two decimal places)

Answer 1

Ques nt el ti Solution. Here we use for mula formula A=P P is =) where A is Amount After t years, initial amount re is rate and n is number interest compounded ) of times = P = ($2,766.13 se = 2.921080 = 10.02921 In= [52] {compounded weekly} ter cars af for amount 5 years = cis put t=5 year 52 X 5 ☆ A a 2,766.13 1+0.02921 " C 52

260 = A= 2,766.13 [it 2,766.13 (1 +0.0005617 260 > A = 2; 766:13 C1-000 5617]

= A= a, 766-13 X 11571444000561772-259) A = $ 3200 - 68 9 $ 3200.69 {Round to two decimal places} 7 A a Aruount Af the 5 years is $3200.69

his for " years res put t=1l to fin 11 years Amount of the 11X52 > A= 1+0002921 ,766.13 52 >> A = 2,766:13 [1+0.0005617 56177972 572 > A = 2,766-13 [1.000 5617) 572 ☆ Az 2,766:13 X 1,378.78 1.37878461.0005617) = 1.37878 y

A = $ 3,813.884 T P found to 2 decimal places} А $ 3,813.88 Amount After 11 years es is 3,813.88