Lynn Ally owner of a local Subway Shop, loaned $49,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 7 years with 10% interest compounded semiannually. How much will Lynn receive at the end of 7 years?
Lynn Ally owner of a local Subway Shop, loaned $49,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 7 years with 10% interest compounded semiannually. How much will Lynn receive at the end of 7 years?
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
Chapter27: Time Value Of Money (compound)
Section: Chapter Questions
Problem 6E
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![Lynn Ally owner of a local Subway Shop, loaned $49,000 to Pete Hall to help him open a Subway franchise.
Pete plans to repay Lynn at the end of 7 years with 10% interest compounded semiannually. How much will
Lynn receive at the end of 7 years?](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F5efc1274-23b8-46eb-b8ed-b1aa370a2b38%2Fe64709af-15b2-4d62-a22c-e7bd9d0a77e6%2F19pdf3_processed.png&w=3840&q=75)
Transcribed Image Text:Lynn Ally owner of a local Subway Shop, loaned $49,000 to Pete Hall to help him open a Subway franchise.
Pete plans to repay Lynn at the end of 7 years with 10% interest compounded semiannually. How much will
Lynn receive at the end of 7 years?
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