Suppose you have $5300 deposited at 4.8% compounded weekly. About long will it take your balance to increase to $6300? Round your answer to the nearest tenth of a year.
Added by Ry S.
Step 1
Initial deposit (P) = $5300 Interest rate (r) = 4.8% = 0.048 (in decimal form) Final balance (A) = $6300 Number of times compounded per year (n) = 52 (since it's compounded weekly) Show more…
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