the sequence is in multiples of 4 (2*4=8, 8*4=32, 32*4=128)
so 128*4=512, 512*4=2048, 2048*4=8192 & 8192*4=32768
2+8+32+128+512+2048+8192+32768=43690
Mean 87.5
Median 88
Range 14
and Mode All values appeared just once
The borrower owes $14,760.82 at the end of 8 years
What is compounding interest?
Compounding interest means that earlier interest would earn more interest in the future alongside the loan principal.
Note that in this case the loan continues to accumulate interest because there no repayments, in other words, the loan balance after 8 years, which comprises of the principal and interest for 8 years can be computed using the future value formula of a single cash flow(the single cash flow is the principal) as shown thus:
FV=PV*(1+r/n)^(n*t)
FV=loan balance after 8 years=unknown
PV=loan amount=$5,000
r=annual interest=14%
n=number of times in a year that interest is compounded=2(twice a year)
t=loan period=8 years
FV=$5000*(1+14%/2)^(2*8)
FV=$5000*(1.07)^16
FV=$5000*2.95216374856541
FV=loan balance after 8 years=$14,760.82
Find out more about semiannual compounding on:brainly.com/question/7219541.
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Answer:
r= RE/I
Step-by-step explanation:
E=I(R+r)
divide both sides by I
E/I = R+r
subtract both sides by R
R(E/I) = r
r = RE/I
