Math Problem Statement

An account earns an annual rate of 6.9% compounded weekly. If $1,000 is deposited into this account, then after 5 years there is $____.

Round your answer to two decimal places.

Solution

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Math Problem Analysis

Mathematical Concepts

Compound Interest
Exponential Growth

Formulas

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

Theorems

Compound Interest Formula

Suitable Grade Level

Grades 10-12