An amount of
$49,000
is borrowed for 10 years at 7.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Use the calculator provided and round your answer to the nearest dollar.

Question

An amount of 
$49,000
 is borrowed for 10 years at 7.75% interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Use the calculator provided and round your answer to the nearest dollar.

anonymous · Answer

$ 103,363.90

directrix · Answer

I'm slow so I'll need a minute or two to check.

directrix · Answer

49000*(1.0775)^10 = http://www.thecalculatorsite.com/articles/finance/compound-interest-formula.php

directrix · Answer

>>$ 103,363.90

-----> round your answer to the nearest dollar.

anonymous · Answer

that is where i get confused

directrix · Answer

If this digit is 5 or bigger, go to the next dollar.

103,363   .   * 9*     0

The 9 is 9 dimes or 90 cents and that is close to the next dollar.

The next dollar after 4 is what?

anonymous · Answer

103464

directrix · Answer

103,363 + 1 = 103364

>>>103  4  6  4   You added one dollar and also 100 dollars.

anonymous · Answer

ty
have time for one last one

directrix · Answer

I thought that was the last one. :)

I'll try the new last one. Post in a new thread, please.