Suppose that

$2000

is loaned at a rate of

9%

, compounded annually. 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.

Question

18-05-2016
Mathematics

Answered

Suppose that

$2000

is loaned at a rate of

9%

, compounded annually. 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.

Verified Answer :

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Hagrid Hagrid · Answer 1 · 2016-05-23T08:31:57-04:00

Hagrid Hagrid

23-05-2016

2000 dollars is owed with 9% interest rate.
Now, assuming that for 10 years, it is not being paid.
Let's calculate for the money that is now owed.
=> 2000 dollars . 09 = 180 dollars for 1 years
=> 180 dollars 10 years = 1800 dollars
=> 2000 + 1800 = 3800 dollars for 10 years.

Answer Link

Suppose that $2000is loaned at a rate of 9%, compounded annually. Assuming that no payments are made, find the amount owed after 10years.Do not round any intermediate computations, and round your answer to the nearest cent.

Verified Answer :

Related Questions

Suppose that

$2000

is loaned at a rate of

9%

, compounded annually. 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.