Suppose that $2000 is loaned at a rate of 9%, compounded quarterly. 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 Ana S.
Step 1
- P is the principal amount (the initial amount of money). - r is the annual interest rate (in decimal form). - n is the number of times that interest is compounded per year. - t is the time the money is invested for in years. In this case, P = $2000, r = 9% or Show more…
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