Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Lynn Ally, owner of a local Subway shop, loaned $45,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn
Lynn Ally, owner of a local Subway shop, loaned $45,000 to Pete Hall to help him open a Subway franchise. Pete plans to repay Lynn at the end of 6 years with 12% interest compounded semiannually.
How much will Lynn receive at the end of 6 years? (Do not round intermediate calculations. Round your answer to the nearest cent.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started