5. If $5000 is borrowed at a rate of 16% interest per year, compounded quarterly, find the amount due at the end of 10 years. A) $24,005.10 C) $5,860.13 B) $5,866.93 D) $8,072.64
1 answer
Question:
5. If $5000 is borrowed at a rate of 16% interest per
year, compounded quarterly, find the amount due at
the end of 10 years.
A) $24,005.10
C) $5,860.13
B) $5,866.93
D) $8,072.64
year, compounded quarterly, find the amount due at
the end of 10 years.
A) $24,005.10
C) $5,860.13
B) $5,866.93
D) $8,072.64
Answers
Answer:A) $24,005.10Step-by-step explanation:Using formulaF = P(1+r/4)^(tn)Substitute valuesF = 5000(1+0.04)^40 = 5000*1.04^40 = 24005.10Option A is correct
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