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. \( \$ \square \)
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(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.
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