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Jackson started a savings account using the bonus he received from work of $3,500. Theaccount is compounded weekly with an interest rate of 1.75% How much interest did theaccount earned in 18 years?O $1,295.65O $1,102.500 $4,795.65o $1,290

Respuesta :

The amount compounded is given by the formula ;

[tex]A=P\lbrack1+\frac{r}{100n}\rbrack^{nt}[/tex]

Here, P = $3500, r = 1.75%, n = 52 , t = 18 years.

[tex]\begin{gathered} A=3500\lbrack1+\frac{1.75}{100\times52}\rbrack^{52\times18} \\ A=4795.65 \end{gathered}[/tex]

Therefore, the interest the account will earn is 4795.65-3500 = $1295.65, Option A

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