You plan to invest $2,500 in a money market account which will pay an annual stated interest rate of 8.75 percent, but which compounds interest on a weekly basis. if you leave this money on deposit for one year (52 weeks), what will be your ending balance when you close the account?

The ending balance when you close the account will be 2728,40

Explanation:

The formula for compound interest, is:

A = P (1 + r/n) ^ (nt)

Where:

A = the future value of the investment/loan, including interest

P = the principal investment amount

r = the annual interest rate (decimal)

n = the number of times that interest is compounded per unit t

t = the time in years.

We are looking for A

P = $2,500

r = 0.0875

n = 52

t = 1

Replacing,

A = 2500 (1 + 0.0875/52) ^ (52*1)

A = 2500 (1 + 0.0875/52) ^ (52*1)

A = 2728,40

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