find the future value of the loan. round your answer to the nearest cent. p = $4550, r = 2.95%, t = 2 years…

Explanation:

Step1: Recall simple - interest future - value formula

The formula for the future value $A$ of a principal amount $p$ with simple interest is $A=p(1 + rt)$, where $p$ is the principal amount, $r$ is the annual interest rate (in decimal form), and $t$ is the time in years.

Step2: Convert the interest rate to decimal form

Given $r = 2.95%=0.0295$, $p = 4550$, and $t = 2$.

Step3: Substitute values into the formula

$A=4550\times(1+0.0295\times2)$. First, calculate the value inside the parentheses: $0.0295\times2 = 0.059$, then $1+0.059 = 1.059$. Then, $A = 4550\times1.059$. $A=4550\times1.059 = 4818.45$.

Answer:

$4818.45$