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3 years ago

Please hurry Thank you

Mathematics

1 answer:

ki77a [65]3 years ago

8 0

Answer:

<u>The correct answer is B. US$371.32</u>

Step-by-step explanation:

1. Let's review the data given to us for solving the question:

Loan that Jesse's Mother did to Jesse = US$ 350

Duration of the loan = 2 years

Annual interest rate = 3% compounded annually

2. Let's find the future value of this loan after 2 years, using the following formula:

FV = PV * (1 + r) ⁿ

PV = Loan that Jesse's Mother did to Jesse = US$ 350

number of periods (n) = 2

rate (r) = 3% = 0.03

Replacing with the real values, we have:

FV = 350 * (1.03) ²

FV = 350 * 1.0609

FV = 371.32

<u>Jesse will pay his mom back altogether US$ 371.32.</u>

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