Math question for homework

timer Asked: Jul 21st, 2015

Question Description

If x dollars is deposited every four weeks (13 times a year) into an account paying an annual interest rate r, expressed in decimal form, then the amount An in the account after n years can be approximated by the formula An=x[(1+r/13)13n-1 all divided by r/13]. If $85 is deposited every four weeks into an account paying 7% interest, approximate the amount in the account after 14 years.

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