Concept explainers
To calculate:The balance of Robert’s account after 3 years.
Answer to Problem 36PFA
B. $28,611.75
Explanation of Solution
Given information:Robert invested $25,000 in an account that pays 4.5% interest compounded weekly.
Formula used:
Compound interest formula for compounded weekly is given by,
where,
Calculation:
Here,
Then, amount after 3 years is given by,
Rounding to nearest hundredths,
Thus, the balance of Robert’s account after 3 years will be $28611.75
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