Lynn Ally, owner of a local Subway shop, loaned $61,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 9 years with 6% interest compounded semiannually. How much will Lynn receive at the end of 9 years?

Lynn Ally, owner of a local Subway shop, loaned $61,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 9 years with 6% interest compounded semiannually. How much will Lynn receive at the end of 9 years?

EBK CFIN

6th Edition

ISBN:9781337671743

Author:BESLEY

Publisher:BESLEY

Chapter4: Time Value Of Money

Section: Chapter Questions

Problem 25PROB

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Question

i need the answer quickly

Lynn Ally, owner of a local Subway shop,
loaned $61,000 to Pete Hall to help him open a
Subway franchise. Pete plans to repay Lynn at
the end of 9 years with 6% interest
compounded semiannually.
How much will Lynn receive at the end of
years?

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