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Suppose Josh Borrows $2000 at an interest rate of 3% compounded each year. Assume that no payments are made on the loan. Do not do any rounding. (A) Find the amount owed at the end of year 1. (B) Find
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Suppose Josh Borrows $2000 at an interest rate of 3% compounded each year. Assume that no payments are made on the loan.

Do not do any rounding.

(A) Find the amount owed at the end of year 1.

(B) Find the amount owed at the end of 2 years.

User Bramchi
by
6.7k points

1 Answer

14 votes

Answer:

a)2975

b)3450

Explanation:

User Rushikesh
by
6.7k points
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