Suppose that $2000 is loaned at a rate of 15%, compounded semiannually. Assuming that no payments are made, find the amount owed after 7 years. Do not round any intermediate computations, and round your answer to the nearest cent.
Added by Melissa V.
Step 1
Given that the interest rate is 15%, we convert it to decimal form by dividing by 100: 15% = 0.15. Show more…
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