struggling with money questions

how much money must be invested every week at 7% compounded weekly to have $10,000 in 5 years

You must deposit =$32.15 each and every week @ 7% comp. weekly to get $10,000 in 5 years.

This is the the formula you would use to calculate the above:

FV=P{[1 + R]^N - 1/ R}=FV OF $1 PER PERIOD. Where R=Interest rate per period, N=number of periods, P=periodic payment,  FV=Future value.

Using the above formula, you would solve for P, or periodic payment.

We can solve this for "A"

10,000  = A(1+.07/52)^(52*5)   simplify

10,000 = A ( 1+ .07/52)^(260)    divide both sides by ( 1+ .07/52)^(260)

10.000 / ( 1+ .07/52)^(260)  = A   ≈  $7048.54

CPhill: You were way off the mark this time!!!. What were you thinking?  $7048.54 per week for 260 weeks!!!. At that rate you would have more than $2,000,000 in that account!.

the $32.15 apparently is the correct answer; I feel extremely blonde, I cannot get it. I did use the formula for annuities, where interest is 0.07, compound periods are 260 (5x52) and final amount is $10,000. And yet, I couldn't get the calculations correct:(

Ah, yes....I mis-read the question.....my bad!!!!

FV=P{[1 + R]^N - 1/ R}

10,000 = P {[1 + 0.07/52 ]^5*52 - 1] / R}

10,000 = P {[1.00 + 0.0013461538]^260 - 1] / 0.0013461538}

10,000 =P x 311.05924

P =10,000 / 311.05924

P =$32.15