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Compound interest Cedric borrowed $1,000,$5,000,$3,000, and $4,000 from his dad on September 1 of ach of four successive years for college expenses. Cedric and his
Compound interest
Cedric borrowed $1,000,$5,000,$3,000, and $4,000 from his dad on September 1 of ach of four successive years for college expenses. Cedric and his dad agreed to a oan at the rate of 4.50% compounded semi-annually. If it is now 1 year from the last day that he borrowed money, how much would Cedric owe? For full marks your answer(s) should be rounded to the nearest centStep by Step Solution
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