Compound Interest

Question

Having some trouble braking down this compound interest problem with the formula:

 

How much money should be put in a savings account now that earns 4.0% a year compounded weekly if you want to have $60,000 in 15 years?

 

Round your answer to two decimal places.

 

$ = ??

 

Thank You any help is appreciated.

Answer 1

A = p(1 + r/n)^nt

60000 = p(1 + 0.04/52)^(52)(15)

60000 ≈ p(1 + 0.0007)⁷⁸⁰

 

Can you calculate?