How would i write an equation for this circumstance. You start with $500 and make a profit of %3 a week(52 weeks a year) for 5 years, each week you add the profit to your initial investment. EX: 500*.03 = 15 so your total would be 515 the next week you start with 515 * .03 etc. etc.

Question

anonymous · Answer

Alright it would be this by compound interest formula
So 500(1+0.03/52 weeks)^52x4
does that make sense?

anonymous · Answer

whats the 4 for?

hba · Answer

@jefftheloveableguy 

Can you provide the general formula ?

anonymous · Answer

Alright A=P(1+r/n)^nt
where A is the new amount
P is the principle amount
r is the rate which is 0.03
n is the number of times in a year
and t is the total time which is 5 years

anonymous · Answer

scratch the 4 i meant to put 5

anonymous · Answer

okay i feel so stupid can you work one out for me real quick using 50000 instead of 500?