Allan borrows $2260 from his uncle. Two years later, he borrows another $1490. If his uncle charges him 8.8% interest compounded annually, how much does Allan owe 9 years after the first loan? Allan owes his uncle a total of $ _______.

EBK CFIN
6th Edition
ISBN:9781337671743
Author:BESLEY
Publisher:BESLEY
Chapter4: Time Value Of Money
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Allan borrows $2260 from his uncle. Two years later, he borrows another $1490. If his uncle charges him 8.8% interest compounded annually, how much does Allan owe 9 years after the first loan? Allan owes his uncle a total of $ _______.
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