An amount of $\$ 28,000$ is borrowed for 9 years at $5 \%$ interest, compounded annually. If the loan is paid in full at the end of that period, how much must be paid back?
Use the calculator provided and round your answer to the nearest dollar.
Answer
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Answer
\(\boxed{43016}\)
Steps
Step 1 ：\(A = P(1 + r)^n\)
Step 2 ：\(A = 28000(1 + 0.05)^9\)
Step 3 ：\(A \approx 43015.63\)
Step 4 ：\(\boxed{43016}\)
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