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Your savings account has a balance of $5435.55.You opened the account 5 years ago. Interest on the account is compounded weekly at an annual interest rate of 4.5%. How much did you invest originally?

 Jun 7, 2021
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period = 1 week

# periods in 5 years = 5 * 52 = 260 periods

 

interest per period =  .045 / 52

 

 

5435.55 =  orig * ( 1 + .045/52)260

 

orig invest = 4340.80

 Jun 7, 2021

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