Stuck on this question, can some one help

Question

0

520

1

I deposit $100 every week into a savings account which has 3% interest compunded weekly.

How much money will I have in my account after 7 years?

Guest Apr 16, 2015

+118723

+5

Best Answer

this is a furure value of an ordinary anuity problem.

I am going to assume it is 3% p.a and that there are 52 weeks in a year.

C=100, i= 0.03/52 n=7*52

Now you can find Future value.

Melody Apr 16, 2015

Melody · Answer 1 · 2015-04-16T01:29:02

this is a furure value of an ordinary anuity problem.

I am going to assume it is 3% p.a and that there are 52 weeks in a year.

C=100, i= 0.03/52 n=7*52

Now you can find Future value.