03 points Your T if your time value or money is 896 and you

03 points | Your T if your time value or money is 896 and you make a loan of $836. How much wil you need to be repaid 1 year from now? How much would you need repaid after a two year period?$ How much would you require after 3 years?s Submit Answer Save ProgressPracice Another

Solution

We have to use compound interest formula

Fir first year =836/(1+0.08)=902

2nd year=836/1+0.08)^2=975

3rd year=836/(1+0.08)^3=1053