Calculate the present value of an investment that will be worth $1000 after 6 years, at 4.8% per year, compounded weekly (assume 52 weeks per...

You need to use the formula for compound interest to evaluate the amount that should be deposited to produce $1000 after 6 years.

`A = P(1+i)^n`

P represents the amount that should be deposited and it is unknown.

`A = $1000`

`n = 6` years

In 6 years there are `6*52` weeks = 312 weekly periods, hence `n = 312` . The rate of 4.8% per year is 4.8/52 in each week, hence `i = 4.8/(52*100) = 0.000923.`

`P = A/((1+i)^n) => P = 1000/((1+0.000923)^312)`

Hence, evaluating the present value of the investment, under the given conditions, yields `P = 1000/((1+0.000923)^312).`