Find the amount of money owed at the end of 5 years if $40,000 is borrowed at 5% per year compounded weekly and no payments are made on the loan. (Simplify your answer completely. Assume there are 52 weeks in a year. Round your answer to the nearest cent.) $

Advanced Engineering Mathematics
10th Edition
ISBN:9780470458365
Author:Erwin Kreyszig
Publisher:Erwin Kreyszig
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Find the amount of money owed at the end of 5 years if $40,000 is borrowed at 5% per year compounded weekly and no payments are made on the loan. (Simplify your answer completely. Assume there are 52 weeks in a year. Round your answer to the nearest cent.)
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how did you get 1.28387119?

 

After I did 0.05/52 I got 0.00096154.

 

I then added 1 and got 1.00096154.

 

Then I did 1.00096154^260 and got 1.2838717

 

I'm wondering how you got 1.28387119 & I got 1.2838717. 

 

Am I doing something wrong or missing a step?

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