Question

HELP PLEASE THIS WAS DUE YESTERDAY

MONEY Hans opens a savings account by depositing $1200. The account earns 0.2 percent interest compounded weekly. How much will be in the account in 10 years if he makes no more deposits? Assume that there are exactly 52 weeks in a year, and round your answer to the nearest cent.

Answer 1

Answer: $1248 in compound interest for 10 years

Explanation:

Answer 2

`~~~~~~ \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}\dotfill &\$1200\\ r=rate\to 0.2\%\to (0.2)/(100)\dotfill &0.002\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{weekly, thus fifty two} \end{array}\dotfill &52\\ t=years\dotfill &10 \end{cases} \\\\\\ A = 1200\left(1+(0.002)/(52)\right)^(52\cdot 10)\implies A \approx 1224.24`