You invest $500 in an account that has an annual interest rate of 8%, compounded weekly for 12 years. What is the equivalent interest rate and how many times will the money be compounded? How much will you have?

Step-by-step explanation:

#The equivalent interest rate per annum is equal to the effective interest rate.

-Given 8% compounded weekly( Take 1 yr=52 weeks) the effective interest rate is calculated as:

Hence, the equivalent interest rate is 8.322%

-Assuming one year has 52 weeks,   the number of compoundings will be :

-The investment amount after 12 years is calculated as:

Hence, the amount after 12 years is $1304.88

t = 3

step-by-step explanation:

put t = 3 in this expression :

(3²-1)(3²-2)(3² - 3)(3² - 4) = 8×7×6×5 = 56×30 = 1680