You have 8000 dollars and invest at 6.5 annual interest, compounded weekly, how much do you have after 20 yrs?

Answer 1

Look up "online amortization calculator" on Google.

Answer 2

Multiply 8000.00 X 6.5
Multiply every answer by 6.5
Do that for as many years (20) as necessary to get the answer.
Do the math yourself...it's good practice.

Answer 3

We are given an even number of years (20) and an annual interest rate of 6.5%, so we don't have to calculate the subtotal for exah of 52x20 weeks or 1040 weeks. We can start at the invested amount and multiply it by 1.065 for each year. When we do this, we see that after 20 years, the amount is $28,189.16:

$8,000.00 at beginning of investment
$8,520.00 after one year
$9,073.80 after two years
$9,663.60 after three years
$10,291.73 after four years
$10,960.69 after five years
$11,673.14 after six yearws
$12,431.89 after seven years
$13,239.97 after eight years
$14,100.56 after nine years
$15,017.10 after ten years
$15,993.21 after eleven years
$17,032.77 after twelve years
$18,139.90 after thirteen years
$19,318.99 after fourteen years
$20,574.73 after fifteen years
$21,912.09 after sixteen years
$23,336.37 after seventeen years
$24,853.24 after eighteen years
$26,468.70 after nineteen years
$28,189.16 after twenty years