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14 July, 09:57

What is the interest earnt on a $5000 investment at 6.4% p. a. after 3 years if interest is compounded weekly?

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  1. 14 July, 11:37
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    Let's assume there are 52 weeks in a year,

    so we have, rate = 6.4/52 = 0.123%

    now,

    c. i = 5000[ (1+0.123/100) ^3*52 - 1]

    = $1056.911

    took me a while
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