Suppose that each week, you deposit $44 into a savings account whose annual rate is 2.8%...
Suppose that each week, you deposit $44 into a savings account whose annual rate is 2.8% with weekly compounding. How much will you have in the account after 9 years?
Homework Answers
Weekly payment=$44
Annual rate=2.8% so weekly rate=2.8%/52=0.000538462
Total number of periods for weekly compounding is (9 years)*(52
weeks in a year)=9*52=468
We can determine the future value using excel,
As the payments are cash outflows, we have taken it as negative
So, the future value is $23,411.86
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