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Madeleine owes $36,000 to a private lender. The debt grows with 12% annual interest that compounds every week. How much will Madeleine owe in one year?

Sagot :

sreedevi102

Answer:

A= $40584.28      

Step-by-step explanation:

P = 36000

r = 12% = 0.12

n = 52 weeks

t = 1

[tex]A = P(1 + \frac{r}{n})^{nt}\\[/tex]

   [tex]=36000(1 + \frac{0.12}{52})^{52 \times 1}\\\\=36000 (1.002307)^{52}\\\\=36000 \times 1.12734\\\\=40584.28[/tex]

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