Question

Maggs invests $10,250 at a rate of 9%, compounded weekly. To the nearest whole dollar, find the value of the investment after 7 years.

Answer 1

Answer:

19268

Step-by-step explanation:

10250 * (1 + 9/5200)^365

Answer 2

Given :

• Maggs invests $10,250 at a rate of 9%, compounded weekly. To the nearest whole dollar.

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To find :

• What is the value of the investment after 7 years.

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Concept :

• To solve this question, we can use the "Compounded interest formula".

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• This question is from the chapter "Simple interest".

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Using formula :

★ A = P (1 + R/n)^n × T.

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★ Amount = Principal (1 + Rate/Interest time)^Interest time × Overall time period.

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Remember :

• Here, as per the question its compounded weekly that we have to take calculations for weekly (Weeks = 52).

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Calculations :

→ Amount = 10250 (1 + 0.09/52)^52 × 7

→ Amount = 10250 (1.09/52)^52 × 7

→ Amount = 10250 (1.09/52)^364

→ Amount = $19229.39

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Therefore, $19229.39 is the value of amount investment after 7 years.