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1 February, 05:52

You gave your friend a short term 2 year loan of $43000 at 3% compounded annually. What will be your total return?

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  1. 1 February, 09:05
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    Total Return = $ 45,618.7

    Explanation:

    A = P (1+r) ⁺

    A = amount, P = Principla, r = Rate, t = time

    A = $ 43000 (1+3%) ²

    A = $ 43000 (1.03) ²

    A = $ 43000 (1.0609)

    A = $ 45, 618.7
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