University Lending Corp. loans money to students at 10% compounded semiannually. Dwight Burch borrows $5,000 for 4 1/2 years. Compute the total amount, both principal and interest, that Dwight will be required to repay. (Use Tables 16-1A&B or a calculator.)​

Learning Objectives

• Familiarize yourself with the concept of future value and the technique for its computation.
• Collect knowledge on the notion of compound interest and its computation method.
• Foster the skillset required for using financial tables and calculators in the projections of future values and compound interest.