Suppose Jenny borrows $8000 at an interest rate of 18% compounded each year. Assume that no payments are made on the loan.
Follow the instructions below. Do not do any rounding.

(a) Find the amount owed at the end of 1 year.
$
(b) Find the amount owed at the end of 2 years.
$

  -3

Step-by-step explanation:

A calculator is useful for this.

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Inside parentheses, we evaluate the multiplication first.

  −1⋅[(3−4⋅7)÷5]−2⋅24÷6

  = −1⋅[(3−28)÷5]−2⋅24÷6

Then the addition inside parentheses.

  = −1⋅[−25÷5]−2⋅24÷6

Now, we do the division inside parentheses.

  = −1⋅[−5]−2⋅24÷6

Then we do the multiplication and division left to right.

 = 5−48÷6

  = 5−8

Finally, we do the sum.

  = -3