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

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Hofpoetb9

Answered 2022-09-14
Author has **17** answers

we need compound interest formula

$$A=P(1+\frac{r}{n}{)}^{nt}$$

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

$$10000=P(1+\frac{0.07}{52}{)}^{52\times 5}\phantom{\rule{0ex}{0ex}}10000=P(\frac{52.07}{52}{)}^{260}\phantom{\rule{0ex}{0ex}}P=\$7716.04$$

$$A=P(1+\frac{r}{n}{)}^{nt}$$

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

$$10000=P(1+\frac{0.07}{52}{)}^{52\times 5}\phantom{\rule{0ex}{0ex}}10000=P(\frac{52.07}{52}{)}^{260}\phantom{\rule{0ex}{0ex}}P=\$7716.04$$

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