You are making weekly deposits into an account that pays 2.6% interest per year. You would...
You are making weekly deposits into an account that pays 2.6% interest per year. You would like to figure out how much you will have in 5 years. What value will you use for "r" in your calculation? (Round to 4 decimal places.)
Homework Answers
Annual Interest Rate = 2.6 %, Deposit Frequency: Weekly, The applicable periodic interest rate should match the frequency of the deposits. Hence, the annual rate of 2.6% needs to be converted into a weekly rate for calculating the accumulated value of the deposits.
r = Applicable Periodic Rate = 2.6 / Frequency of Deposits per Annum = 2.6 / 52 = 0.05 %
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