Answer
She will owe $17339.8604 at the end of 8-year period
Work Step by Step
Use the formula for compound interest with
$P=\$10.000$
$r=0.07$
$m=2$
$t=8$
$A=P(1+\frac{r}{m})^{tm}$
$A=10000(1+\frac{0.07}{2})^{2.8}$
$A \approx 17339.8604$
Calculus with Applications (10th Edition)
by Lial, Margaret L.; Greenwell, Raymond N.; Ritchey, Nathan P.
Published by
Pearson
ISBN 10:
0321749006
ISBN 13:
978-0-32174-900-0
Chapter 2 - Nonlinear Functions - Chapter Review - Review Exercises - Page 114: 101
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