Mathematics: Mark is investing $8,000 in an account paying 5.5% interest compounded weekly. what will marks account balance be in 6 years?

Mark is investing $8,000 in an account paying

Ответ:

christopherluckey7

11.03.2022

Mathematics

Mark's account balance after six years is $ 11126.

What is compound interest?

The term compound interest refers to the interest that accrues both on the principal and on the interest.

P = $8,000

r = 5.5% or 0.055

t = 6 years

n = 52 times

Hence;

A = 8,000(1 + 0.055/52)^(6 × 52)

A =$ 11126

Learn more about compound interest: link?

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Ответ:

emmilee94

11.03.2022

Mathematics

$\bf ~~~~~~ \textit{Compound Interest Earned Amount} \\\\ A=P\left(1+\frac{r}{n}\right)^{nt} \quad \begin{cases} A=\textit{accumulated amount}\\ P=\textit{original amount deposited}\dotfill &\$8000\\ r=rate\to 5.5\%\to \frac{5.5}{100}\dotfill &0.055\\ n= \begin{array}{llll} \textit{times it compounds per year}\\ \textit{weekly, then fifty two} \end{array}\dotfill &52\\ t=years\dotfill &6 \end{cases}$