# 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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