# Find the present value of $10,000 if interest is paid at a rate of 7% per year, compounded weekly, for 5 years. Jamar Hays 2022-09-13 Answered Find the present value of$10,000 if interest is paid at a rate of 7% per year, compounded weekly, for 5 years.
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Hofpoetb9
we need compound interest formula
$A=P\left(1+\frac{r}{n}{\right)}^{nt}$
A = Amount you end up with
P= Principal
r = Interest rate
n= Number of compoundings a year
t= Number of years
So substitute the value you are given
$10000=P\left(1+\frac{0.07}{52}{\right)}^{52×5}\phantom{\rule{0ex}{0ex}}10000=P\left(\frac{52.07}{52}{\right)}^{260}\phantom{\rule{0ex}{0ex}}P=7716.04$