You Plan to Invest R2,500 in a Money Market Account

Multiple Choice

You plan to invest R2,500 in a money market account which will pay an annual stated (simple) interest rate of 8.75 percent, but which compounds interest on a weekly basis.If you leave this money on deposit for one year (52 weeks) , what will be your ending balance when you close the account?

A) R2,583.28
B) R2,611.72
C) R2,681.00
D) R2,703.46
E) R2,728.50