An amount of $26.000 is borrowed for 7 years at 4% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid
back?
26,000 is the initial value( what you started with) since it’s interest you are adding that by 4% compounded annually. The equation would be 26,000( 1 + (.04/1))^7 just plug this into your calculator and you’ll get $34,214.23
