Answer:
[tex][/tex] We can use the compound interest formula:
A = P(1 + r/n)^(nt)
Where:
A = the amount of money in the account after the specified time period
P = the principal amount (initial deposit) = $27,000
r = the annual interest rate = 6% or 0.06
n = the number of times the interest is compounded per year = 52 (weekly compounding)
t = the number of years = 11
Plugging in these values:
A = $27,000(1 + 0.06/52)⁵²¹¹
A = $27,000(1 + 0.00115385)⁵⁷²
A = $27,000(1.00115385)⁵⁷²
A = $27,000 × 2.090786
A = $56,505.45
Therefore, after 11 years with weekly compounding interest at a rate of 6%, there will be approximately $56,505.45 in the account.
