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Carmencita is 12 years old and she is saving for a car. She wants to have $5,000 by the time she is 16 years

old. She opens a savings account with an APR of 3.9% compounded weekly. How much should she deposu

into her account each week to meet her goal?

Respuesta :

oyejam

Answer:

$ 22.22

Step-by-step explanation:

Let

P = amount to save per week

B = expected accurate at 16 years = $5000

r = APR = 3.9% = 0.039

n = numbers of week in a year = 52weeks

t = 16 - 12 = 4 years terms of savings.

Using,

P = (B * r/n)/{(1 + (r/n))^(nt) -1}

P = (5000 * 0.039/52)/{(1 + (0.039/52))^(52 * 4) -1}

P = $22.22

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