Given
The amount loaned is $2000.
The interest rate is 11.5%.
Time taken is 6 years.
To find, the amount owed after 6 years.
Explanation:
It is given that,
The amount loaned is $2000.
The interest rate is 11.5%.
Time taken is 6 years.
Then,
[tex]\begin{gathered} A=P(1+\frac{r}{100})^t \\ =2000(1+\frac{11.5}{100})^6 \\ =2000(1.115)^6 \\ =\text{ \$}3843.078 \end{gathered}[/tex]Hence, the answer is $3843.08.
