Compounding Weekly

Question

How much do you need to invest in an account earning an annual interest rate of 2.938% compounded weekly, so that your money will grow to $7,880.00 in 50 weeks?

Answer 1

Future Value = Present Value * (1 + i/52)^w where i = annual interest rate and w = number of weeks

 

Future Value = Present Value * (1 + .02938/52)⁵⁰

 

Future Value = Present Value * 1.028645

 

Can you solve for Present Value and the answer?

Answer 2

Old 'answer' deleted because I misread the question.