Required information A friend tells you she has saved for seven years and has a present...
Required information A friend tells you she has saved for seven years and has a present sum of $30,000, which she earned at the rate of 9% per year, compounded weekly. Determine the equivalent amount she had to start with seven years ago. The equivalent amount she had to start with seven years ago is?
Homework Answers
i = 9% = 0.09 compounded weekly
i = 0.09 = 0.09 / 52 = 0.00173076 per week
Effective interest rate = ( 1+ 0.00173076)^52 - 1 = 0.094089165
t = 7 yrs
P = 30000 / (1+0.094089165)^7
P = 30000 / 1.876588378
P = 15986.46
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Required information A friend tells you she has saved for seven
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