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Lee Wills loaned Audrey Chin $17,900 to open Snip Its Hair Salon. After 5 years, Audrey will repay Lee with 8% interest compounded quarterly.
Lee Wills loaned Audrey Chin $17,900 to open Snip Its Hair Salon. After 5 years, Audrey will repay Lee with 8% interest compounded quarterly. How much will Lee receive at the end of 5 years? (Use the Table provided.) Note: Do not round intermediate calculations. Round your answer to the nearest cent. Future value
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To calculate the future value of the loan we can use the compound interest formula Fu...Get Instant Access to Expert-Tailored Solutions
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