Maturity value

IKEA Furniture’s can purchase furniture with 3 year simple interest loan at 8% interest per year. What is the maturity value of 3500 loan?

Correct result:

x =  4408.99


a=3500 q=8%=1+8100=1.08 n=3  x=a qn=3500 1.083=4408.99=4.4103

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