Answered







Suppose that

$2000


is loaned at a rate of

9%


, compounded annually. Assuming that no payments are made, find the amount owed after

10


years.

Do not round any intermediate computations, and round your answer to the nearest cent.




Verified Answer :

Hagrid

2000 dollars is owed with 9% interest rate.
Now, assuming that for 10 years, it is not being paid.
Let's calculate for the money that is now owed.
=> 2000 dollars . 09 = 180 dollars for 1 years
=> 180 dollars 10 years = 1800 dollars 
=> 2000 + 1800 = 3800 dollars for 10 years.

Related Questions