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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

Respuesta :

mhanifa

Answer:

  • A) $24,005.10

Step-by-step explanation:

Using formula

  • F = P(1+r/4)^(tn)

Substitute values

  • F = 5000(1+0.04)^40 = 5000*1.04^40 = 24005.10

Option A is correct

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