SOLUTION: Suppose that 2000 is loaned at a rate of 6.5% compounded semiannually. Assuming that no payments are made , find the amount owed after 4 years. Do not round any intermediate comput

Question 1170683: Suppose that 2000 is loaned at a rate of 6.5% compounded semiannually. Assuming that no payments are made , find the amount owed after 4 years. Do not round any intermediate computations, and round your answer to the nearest cent

Answer by Boreal(15235) (Show Source): You can put this solution on YOUR website!
this is 2000(1.065/2)^8. the 2 is number of times compounded in a year, the 8 the total number over the life of the loan. Don't round until the end.
=$2583.16
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