Answer:
$21,366.54
Explanation:
Assuming that the interest is compounded annually, we can use the formula:
A = P(1 + r/n)^(n*t)
Where:
A = the final amount
P = the initial principal (or amount borrowed)
r = the annual interest rate (as a decimal)
n = the number of times the interest is compounded per year
t = the number of years
In this case, P = $18,000, r = 0.045, n = 1 (compounded annually), and t = 4. Plugging in these values, we get:
A = 18000(1 + 0.045/1)^(1*4) = $21,366.54
Therefore, Amelia's loan will be $21,366.54 after her 4 years in college.