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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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akiran007

Answer:

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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