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Suppose that $2000 is loaned at a rate of 9%, 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. Why isn’t my question popping up ?

1 Answer

4 votes

Answer: $4,870.38 in 10 years

2000(1+.09/4)^4(10)

4870.377

User Val Akkapeddi
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