Question

Kaiden deposited $6200 into a savings account for which interest is compounded weekly at a rate of 2. 77%. How much interest will he earn after 8 years?

Answer 1

Answer: 1534.66

Step-by-step explanation:

6200(1 + 0.00395714285)^56= 7734.66361102

7734.66361102- 6200= 1534.66361102

Answer 2

p=(1+r/100)⁸

6200(1+2.77/100)⁸=$50,973.92