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
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