Question

find the value of an investment of $3500 for 3 years at an interest rate of 5.6% if the money is compounded weekly

Answer 1

`\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+(r)/(n)\right)^(nt) \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\to &\$3500\\ r=rate\to 5.6\%\to (5.6)/(100)\to &0.056\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{weekly, thus fifty two} \end{array}\to &52\\ t=years\to &3 \end{cases}`


`\bf A=3500\left(1+(0.056)/(52)\right)^(52\cdot 3)\implies A=3500\left( (6507)/(6500) \right)^(156) \\\\\\ A\approx 4139.9038869337`