One time business investment
posted by allen .
Bobbie Rae is lending Tommy Lee $4,500 to open up a bait shop at one of the nearby lakes. Tommy Lee says he will repay Bobbie Rae at the end of 4 years with 7% interest compounded quarterly. How much will Bobbie Rae receive at the end of the 4 years? Hint: Treat this like a one time investment problem.