Devon National Bank pays 8% interest compounded weekly (0.154% per week) on savings accounts. The bank has asked your help in preparing a table to show potential customers the number of dollars that will be available at the end of 10-, 20-, 30-, and 40-week periods during which there are weekly deposits of $1, $5, $10, or $50. The following data are available:
Length of Annuity ................Future Value of Annuity at an Interest Rate of 0.154% per Week
10 weeks ......................................10.0696
20 weeks ......................................20.2953
30 weeks ......................................30.6796
40 weeks ......................................41.2250
Required:
Complete a table similar to the one below.
......................................Amount of Each Deposit
Number of Deposits ................ $1..... $5..... $10..... $50
.....10
.....20
.....30
.....40