Share

## An initial investment of $100,000 at 12% interest is compounded weekly (use 52 weeks in a year). What will the investment be worth in 30 yea

Question

An initial investment of $100,000 at 12% interest is compounded weekly (use 52 weeks in a year). What will the investment be worth in 30 years? An initial investment of $100,000 at 12% interest is compounded weekly (use 52 weeks in a year). What will the investment be worth in 30 years?

Round your answer to the nearest dollar. Do not include the dollar sign in your answer.

in progress
0

Math
2 weeks
2021-09-09T13:51:25+00:00
2021-09-09T13:51:25+00:00 1 Answer
0
## Answers ( )

Answer:$3644675.9Step-by-step explanation:The initial investment is $100000. The interest rate is 12%.We are asked to determine the final amount the investment will become after 30 years if the interest is compounded weekly.

The weekly interest rate is %.

Assuming 1 year equivalent to 52 weeks.

Hence, using the formula of compound interest the final sum will be= $3644675.9 (Approximate)