Question

Ali borrowed S 8000 at a rate of 7.5%, compounded semiannually. Assuming he makes no payments, how much will he owe after 10 years?
Do not round any intermediate computations, and round your answer to the nearest cent.

Answer 1

Answer:

16,705

Step-by-step explanation:

7.5/2=3.75

(1+3.75%)^(10 x 2)=1.0375^20

      =2.0881519961340

2.0881519961340 x 8000=16,705