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Question

Write an equation that models an investment of $300 that earns 3.1% interest compounded weekly?

Answer 1

The equation will be Future Value = Present value x ( 1 + r/n)^rt

where r = annual rate as a decimal, n = number of compound periods, and t = number of years

 

In this case, no time period was given. r = 0.03, and n = 52