Use the compound interest formula to calculate the future value of a deposit of $4000 held for 8 years at 3.82% if interest is compounded weekly.

Question

Use the compound interest formula to calculate the future value of a deposit of $4000 held for 8 years at 3.82% if interest is compounded weekly.

Answer 1

F=Future Valve

P=Present Value

r=interest rate

n=number times interest compounded per year

t=time (years)

 

F=P(1+r/n)^(n*t)

F=4000(1+.0382/52)^(52*8)=$5429.15