Michael borrowed at a rate of $8000 at a rate of 10.5%, compounded semiannually. Assuming he makes no payments, how much will he owe after 5 years? Do not round any intermediate computations, and round your answer to the nearest cent.

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06-05-2021
Mathematics

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Michael borrowed at a rate of $8000 at a rate of 10.5%, compounded semiannually. Assuming he makes no payments, how much will he owe after 5 years? Do not round any intermediate computations, and round your answer to the nearest cent.

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