Asked by Jennifer Burggraf on Jun 28, 2024
Verified
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 deposit into her account each week to meet her goal?
APR
Annual Percentage Rate; the annual rate that is charged for borrowing, representing the actual yearly cost of funds over the term of a loan.
Compounded Weekly
Refers to the process of calculating interest on both the initial principal and the accumulated interest from previous periods on a weekly basis.
Deposit
Money placed into a financial institution for safekeeping or as a part of initiating a larger transaction.
- Use mathematical expressions to determine the future value of investments.
- Plan regular savings contributions to achieve short-term and long-term financial goals.
Verified Answer
Learning Objectives
- Use mathematical expressions to determine the future value of investments.
- Plan regular savings contributions to achieve short-term and long-term financial goals.
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