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Sara borrowed $500 for four years at 3 percent interest, compounded annually. Use the formula to calculate the total amount she will have paid back.

Sara borrowed $500 for four years at 3 percent interest, compounded annually. Use the formula to calculate the total amount she will have paid back.
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1 vote
Sara borrowed $500 for four years at 3 percent interest, compounded annually. Use the formula to calculate the total amount she will have paid back.

User Viktor K
by
8.0k points

2 Answers

1 vote

The answer would be 562.75

User MinhNguyen
by
7.9k points
2 votes
The answer is 562.754405
The total amount she will have to pay back in four years is. 562.754405
User Medalib
by
7.5k points
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