t = the time in years Find the amount owed at the end of 4 years if $2, 500 is loaned at a rate 4% compounded quarterly. $. (Round answer to 2 decimal places. No dollar signs or commas.) Submit Question
t = the time in years Find the amount owed at the end of 4 years if $2, 500 is loaned at a rate 4% compounded quarterly. $. (Round answer to 2 decimal places. No dollar signs or commas.) Submit Question
Algebra and Trigonometry (6th Edition)
6th Edition
ISBN:9780134463216
Author:Robert F. Blitzer
Publisher:Robert F. Blitzer
ChapterP: Prerequisites: Fundamental Concepts Of Algebra
Section: Chapter Questions
Problem 1MCCP: In Exercises 1-25, simplify the given expression or perform the indicated operation (and simplify,...
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Transcribed Image Text:The following equation gives the amount of money owed on a loan aftera certain amount of time if
nt
no payments are made. A P1+-) where:
A= the amortized amount (total loan/investment amount over the life of the loan/investment)
P=the initial amount of the loan/investment
r= the annual rate of interest
n-the number of times interest is compounded each year
t 3 the time in years
Find the amount owed at the end of 4 years if $2, 500 is loaned at a rate 4% compounded quarterly.
%24
(Round answer to 2 decimal places. No dollar signs or commas.)
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