Multiple Choice
Your rich Uncle Ralph is willing to loan you $5000 for 3 1/2 years and asks that you repay your loan with quarterly compounding interest at the rate of 8% per year. How much will you repay after 3 1/2 years?
A) $6545.66
B) $5358.84
C) $6442.56
D) $6597.39
Correct Answer:
Verified
Correct Answer:
Verified
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