Suppose that

$2000

is loaned at a rate of

9%

, compounded annually. Assuming that no payments are made, find the amount owed after

10

years.

Do not round any intermediate computations, and round your answer to the nearest cent.

2000 dollars is owed with 9% interest rate.

Now, assuming that for 10 years, it is not being paid.

Let's calculate for the money that is now owed.

=> 2000 dollars *. 09 = 180 dollars for 1 years

=> 180 dollars * 10 years = 1800 dollars

=> 2000 + 1800 = 3800 dollars for 10 years.