Suppose that a loan of $8500 is given at an interest rate of 11% 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.
s
(b) Find the amount owed at the end of 2 years.

Suppose that a loan of $8500 is given at an interest rate of 11% compounded each year.

Assume tha

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afonseca73

05.06.2020

Mathematics

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Suppose that a loan of $8500 is given at an interest rate of 11% 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. s (b) Find the amount owed at the end of 2 years.