Answered

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3. Sylvia wants to go on a cruise around the world in 5 years. If she puts $50 into an
account each week that pays 2.25% interest compounded weekly, how much will she
have at the end of the five-year period?

Sagot :

Answer:

$13,756.31

Step-by-step explanation:

The computation of the amount at the end of the five years is shown below:

Here we applied the FV formula

Given that

NPER = 5 × 52 = 260

RATE = 2.25% ÷ 52 = 0.043269%

PV = $0

PMT = $50

The formula is given below:

=-FV(RATE;NPER;PMT;PV;TYPE)

After applying the above formula, the future value is $13,756.31

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