Myrna Borrows $500 at an Annually Compounded Interest Rate of 8

question 176

Multiple Choice

Myrna borrows $500 at an annually compounded interest rate of 8 percent that she will repay at the end of 10 years. How much will be required to pay off the loan at the end of 10 years?

• A) $900
• B) $962.85
• C) $1,079.46
• D) $1,123.21

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