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Miller will deposit $3,000 in the bank for 18 years. The Bank pays 6.7% per year, but it compounds the money weekly. What is the
Miller will deposit $3,000 in the bank for 18 years. The Bank pays 6.7% per year, but it compounds the money weekly. What is the value of the account after this period (to the nearest cent) ? Use 52 weeks in one year for your calculations. Hint: To get this correct, you can not truncate intermediate calculations because you will not be precise enough in your final answer. To avoid problems store intermediate results in memory or write down all the significant digits and then renter all of them to continue.
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