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Suppose that $2,000 is loaned at a rate of 17%, compounded quarterly. Assuming that no payments are made, find the amount owed after 10 years. Do not round any intermediate computations, and round your
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Suppose that $2,000 is loaned at a rate of 17%, compounded quarterly. 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.

User Tianxiang
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1 Answer

3 votes

Answer:

$2,000(1 + .17/4)¹⁰ = $3,032.43

User Jobmo
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