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Anne Katz, owner of Katz Sport Shop, loans $8,000 to Shelley Slater to help her open an art shop. Shelley plans to repay Anne at the end of 8 years with interest compounded semiannually at 8 percent. At the end of 8 years, Anne will receive?
 one year ago
 one year ago
Anne Katz, owner of Katz Sport Shop, loans $8,000 to Shelley Slater to help her open an art shop. Shelley plans to repay Anne at the end of 8 years with interest compounded semiannually at 8 percent. At the end of 8 years, Anne will receive?
 one year ago
 one year ago

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jainssaurabhBest ResponseYou've already chosen the best response.0
In our school we all must have had come across this formula: Amount = Principal (1+Rate of Interest/100) ^ Time Now, here the interest is getting compounded semiannually, hence, the number of time periods would double and the rate of interest would be divided by two. So, it shall be put as $8,000*(1+0.04)^16 So, Shelly will have to repay Anne $14983.85 at the end of eighth year.
 one year ago
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