A couple deposits $23,000 into an account earning 4% annual interest for 15 years. Calculate the future value of the investment if the interest is compounded weekly. Round your answer to the nearest cent.
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Step 1
The principal amount (P) is $23,000, the annual interest rate (r) is 4% or 0.04 when converted to decimal form, the number of years (t) the money is invested for is 15, and the number of times the interest is compounded per year (n) is weekly, which means 52 times Show more…
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