Question: Ken recently got a raise. He decided to save all the extra money in a special account. His raise amounts to $150 every 2 weeks
Ken recently got a raise. He decided to save all the extra money in a special account. His raise amounts to $150 every 2 weeks (26 times per year). The account earns 5.2% annually compounded every 2 weeks. He opened the account at the time of the first deposit so each deposit is made at the start of the two week period. It has been 11 weeks and Ken is thinking about his balance. Below is a table he has made to analyze his account balance after the first 5 deposits. a) Complete the table. b) What is the last date that Ken can check his balance and find the same results as his March 19 analysis?
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
