Answer:
$ 367.87
Step-by-step explanation:
The formula for Compound interest =
A = P(1 + r/n)^nt
Where
A = Amount after t years
P = Initial Amount Invested = $2,300
t = time in years = 7 years
n = Compounding frequency = weekly = 52 times
r = interest rate = 2.12% = 0.0212
Hence:
A = $2,300(1 + 0.0212/52) ^52× 7
A = $ 2,667.87
Interest calculated as:
Amount - Principal
I = $2,667.87 - $2,300.00
I (interest) = $ 367.87
