Suppose You Borrow $1,000 at 8% for 2 Years

question 24

Multiple Choice

Suppose you borrow $1,000 at 8% for 2 years.If the interest is compounded annually,how much money will you owe at the end of those 2 years?

• A) $1,080.00
• B) $1,160.00
• C) $1,166.40
• D) $1,345.60

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Definitions:

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