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  • Apr 8, 2014, 05:27 PM
    STEVIEB0217
    Annual rate of interest compounded weekly
    Jim puts had $5000 in a CD on January 1st, 2008. He deposited an additional $350 each month for the next 4 years.What annual rate of interest compounded weekly would he need in order to have had a total of $22500 in his CD at the end of December 2012?

    N = 48
    **I = 0?
    PV = 5000
    PMT = -350
    FV = 22500
    P/Y = 12
    C/Y = 52
    PMT = END

    That's what I have for the formula but every time I try to calculate the Interest rate it keeps saying
    "ERR:ITERATIONS"... what am I doing wrong?

    ** Do I need to make "N" into weeks, which would then be 208, but the result is -17?

    PLEASE HELP I'M NEW TO MATH 12!

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