Jeff deposits $2,300 at 1.13% interest compounded weekly. what will be his ending balance after one year?

18 points show work

$5326.135 will be his ending balance after one year.

Solution:

Deposited amount = $2,300

Rate of interest = 1.13% per week

where A = final amount  

P = principal = 2300

r = interest rate  =

n = number of times interest applied per time period  = 52 week

(1 year has 52 weeks)

t = number of time periods elapsed = 1 year

On substituting the values we get,

On solving we get,

Therefore, the amount is $5326.135.