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Madeleine owes $36,000 to a private lender. The debt grows with 12% annual interest that compounds every week. How much will Madeleine owe in one year?

Madeleine owes $36,000 to a private lender. The debt grows with 12% annual interest that compounds every week. How much will Madeleine owe in one year?
asked 96.2k views
4 votes
Madeleine owes $36,000 to a private lender. The debt grows with 12% annual interest that compounds every week. How much will Madeleine owe in one year?

asked
User John Breakwell
by
8.8k points

1 Answer

6 votes

Answer:

A= $40584.28

Explanation:

P = 36000

r = 12% = 0.12

n = 52 weeks

t = 1


A = P(1 + (r)/(n))^(nt)\\


=36000(1 + (0.12)/(52))^(52 * 1)\\\\=36000 (1.002307)^(52)\\\\=36000 * 1.12734\\\\=40584.28

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User Nolandda
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8.4k points
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