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So far I have the equation $480\left(1+\cfrac{0.07}{52}\right)^{52\times12}$

I think that is the right equation but it is not giving me the correct answer.

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up vote 0 down vote accepted

If you are looking for the future value of $480 (under the given conditions), then yes, your answer is correct. (Assuming that the interest rate you are given is annual nominal interest rate).

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