You borrow money today at 6.65 percent, compounded annually, and repay the principal and interest in one lump sum of $12,800 two years from today. How much are you borrowing?
A) $9,900.00
B) $10,211.16
C) $11,253.52
D) $11,401.16
E) $11,250.00
Correct Answer:
Verified
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