Math Word Problem

Question

Compute the 8-year future value of a $13633 loan if the annual interest rate is 4.5% with weekly compounding. 

Round your answer to the nearest dollar. 

Answer 1

A = Accumulated value (future) FOR THIS PROBLEM: A= ???

P= present value (starting) P= $13,633

n= number of compounds per year n= weekly = 52

t= number of years t= 8

r= annual % as a decimal r= 4.5% = .045

A = P ( 1 + [ r / n ] ) ^ (n * t) * is multiplication

A = $13,633 ( 1 + [.045 / 52 ] ) ^ (52 * 8) = $ 19,537.538 = $19, 538