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16 September, 21:20

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.

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Answers (1)
  1. 17 September, 01:03
    0
    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.
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