Find the time required for an investment of 5000 dollars to grow to 8400 dollars at an interest rate of 5.8 percent per year, compounded weekly.

It will take 464 weeks.

Explanation:

Giving the following information:

Future value (FV)= $8,400

Present value (PV)= $5,000

Interest rate (i)= 0.058/52= 0.00112

To calculate the number of weeks required to reach the objective, we need to use the following formula:

n= ln(FV/PV) / ln(1+i)  

n= ln(8,400/5,000) / ln(1.00112)

n= 463.47 = 646

c

explanation:

answer; the above statement is (true);