8% annual interest rate when compounded weekly =
(1 + .08/ 52)^52 = 1.00153846153846154^52 =
1.08322047419671
=
8.322047419671%
equivalent interest rate
In 12 years this will be compounded 624 times
12 year Total = 500 * (1.08322047419671)^12 =
1,304.8852611583
=
1,304.89 (rounded)
