Answer :
After 11 weeks of increasing by 57.5% weekly compound interest, an initial amount of $3,700 will be worth approximately $330,246.08.
To calculate how much the amount will be worth after 11 weeks when it increases by 57.5% every week,
use the formula for compound interest:
A = P(1 + r)ⁿ
Where:
A = the final amount
P = the initial amount (3700)
r = the weekly rate (57.5% or 0.575 as a decimal)
n = the number of weeks (11)
Plug in these values:
A = 3700(1 + 0.575)¹¹
A ≈ 3700(1.575)¹¹
A ≈ 3700 × 89.370468
A ≈ 330,246.08 (rounded to two decimal places)
Therefore, after 11 weeks, the amount will be worth approximately $330,246.08 using compound interest.
Learn more about compound interest here
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