Answer:
ooh i just learned this, not 100% sure but the amount he should have to deposit is $3835.12
if the weekly one means depositing money every week then it would be $36.88 I think.
Step-by-step explanation:
p=?
r=.08
n=52
t=2
4500 = P(1+.08/52)^(52 x 2)
divide both sides by (1+.08/52)^(52 x 2)
and you are left with $3835.12
if i take into account that Marc is depositing the money every week the i would divide it by 104 (that is 52 x 2 because 52 weeks in a year and it says 2 years) you would be left with $36.88.
Hope I was any help.
Answer: Marc should deposit $39.87 weekly.
Step-by-step explanation:
We would apply the formula for determining future value involving deposits at constant intervals. It is expressed as
S = R[{(1 + r)^n - 1)}/r][1 + r]
Where
S represents the future value of the investment.
R represents the regular payments made(could be weekly, monthly)
r = represents interest rate/number of interval payments.
n represents the total number of payments made.
From the information given,
S = $4500
Assuming there are 52 weeks in a year, then
r = 0.08/52 = 0.0015
n = 52 × 2 = 104
Therefore,
4500 = R[{(1 + 0.0015)^104 - 1)}/0.0015][1 + 0.0015]
4500 = R[{(1.0015)^104 - 1)}/0.0015][1.0015]
4500 = R[{(1.169 - 1)}/0.0015][1.0015]
4500 = R[{(0.169)}/0.0015][1.0015]
4500 = R[112.67][1.0015]
4500 = 112.839R
R = 4500/112.839
R = 39.87
