Brent Pickett borrowed ​$5000 from his brother Dave. He agreed to repay the money at the end of 2 ​years, giving Dave the same amount of interest that he would have received if the money had been invested at 3.75​% compounded quarterly. How much money did Brent repay his​ brother?

College Algebra
1st Edition
ISBN:9781938168383
Author:Jay Abramson
Publisher:Jay Abramson
Chapter6: Exponential And Logarithmic Functions
Section: Chapter Questions
Problem 3PT: Drew wants to save 2,500 to go to the nextWorld Cup. To the nearest dollar, how much willhe need to...
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Brent Pickett borrowed
​$5000
from his brother Dave. He agreed to repay the money at the end of
2
​years, giving Dave the same amount of interest that he would have received if the money had been invested at
3.75​%
compounded
quarterly.
How much money did Brent repay his​ brother?
 
 
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