Johnston Rodriguez
08/07/2023 · Middle School

Suppose Miguel borrows \( \$ 8000 \) at an interest rate of \( 4 \% \) 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. \( \$ 8320[ \) (b) Find the amount owed at the end of 2 years. \( \$ \square \)

UpStudy ThothAI Solution

Tutor-Verified Answer

Quick Answer

(a) The amount owed at the end of 1 year is $8320. (b) The amount owed at the end of 2 years is $8652.8.

Step-by-step Solution

Elevate Your Learning
Unlock full answers and more with UpStudy Premium
Get AI Assistant
Answered by UpStudy AI and reviewed by a Professional Tutor
UpStudy ThothAI
Self-Developed and Ever-Improving
Thoth AI product is constantly being upgraded and optimized.
Covers All Major Subjects
Capable of handling homework in math, chemistry, biology, physics, and more.
Instant and Accurate
Provides immediate and precise solutions and guidance.
Try Now
Ask Tutors
Ask AI
10x
Fastest way to Get Answers & Solutions
By text

Enter your question here…

By image
Re-Upload
Uploaded Files
xxxx.png0%
Submit
📸 STUDY CAN BE A REAL STRUGGLE
Why Not UpStudy It?
Select your plan below
Premium

You can enjoy

  • Step-by-step explanations
  • 24/7 expert live tutors
  • Unlimited number of questions
  • No interruptions
  • Full access to answer and
    solution
  • Full Access to PDF Chat, UpStudy Chat, Browsing Chat
Basic
  • Limited Solutions