EfrainQ228504 EfrainQ228504

26-10-2022
Mathematics

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Jen loaned Robert $7700 at an interest rate of 14 % for 5 years. How much will Robert pay Jen at the end of 5 years? Round your answer to the nearest cent, ifnecessary.

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LorrainaR487933 LorrainaR487933

26-10-2022

We need to find the amount A Robert will pay Jen after she landed the principal P = $7700 him at a rate r = 14% after t = 5 years.

The formula to find A in terms of P, r, and t, for an annually compounded interest is:

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