If $7,000 is invested at 5% compounded weekly, what is the amount after 6 years?

Question

If $7,000 is invested at 5% compounded weekly, what is the amount after 6 years? How much interest is earned? If an investment company pays 5% compounded weekly, how much should you deposit now to have $7,000 6 years from now? If $7,000 investment grows to $9,000 over a period of 6 years. What annual nominal rate would produce that growth if the interest was compounded weekly? If an investment company pays 5% compounded weekly, how long will it take for an investment of $7,000 to grow to $9,000? What is the annual percentage yield (APY) for money invested at an annual rate of 5% compounded weekly?

Explanation / Answer

1)   $ 7000 is invested at 5% compounded weekly , amount after 6 years

Amount = Principal(1 + r/100*52)^6*52

=7000(1 + 5/5200)^312 = $ 9447.65

Interest = amount - principal = $ 9447.65 - 7000 = $ 2447.65

Related Questions

Navigate

• Browse (All)
• Browse I
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.