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Lynn Ally, owner of a local Subway shop, loaned $40,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn
Lynn Ally, owner of a local Subway shop, loaned $40,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 8 years with 6% interest compounded semiannually. 8 periods, 3% = 1.2668 8 periods, 6% = 1.5938 16 periods, 3% = 1.6047 16 periods, 6% = 2.5404 How much will Lynn receive at the end of 8 years? Question 5 options: a. 64,188 b. 101,616 c. 63,752 d. 50,672 please show work
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