michell19
Answered

If Jeannie invests $7,250 at a rate of 12%, compounded weekly, find the value of the investment after 10 years. $24,037.59 $16,027.44 $22,517.40 $24,070.85

Verified Answer :

Answer:

A(10)=$24037.59

Step-by-step explanation:

A(t) = P(1+(r/n))^(nt)

A(10) = 7250(1+(0.12/52))^(1052)

A(10) = $24037.59

Answer:

The answer is option A $24,037.59

Step-by-step explanation:

P = @@MATH_TOKEN_0@@

r= 12% or @@MATH_TOKEN_1@@

t = 10 years

n = 52 (There are 52 weeks in a year)

The formula to be used is :

@@MATH_TOKEN_2@@

Now putting the values in the formula we get

@@MATH_TOKEN_3@@

@@MATH_TOKEN_4@@

=> $24028.96

This is closest to $24037.59, so the answer is option A $24,037.59

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