Answer:
$79,381
Step-by-step explanation:
We can use the formula for compound growth to solve this. Thus,
[tex]F=P(1+r)^t[/tex]
Where
F is the future amount (the amount that must be paid back)
P is the initial amount (it is 46,000)
r is the annual rate of interest (here it is 6.25%, in decimal it is 0.0625)
t is the number of year (9 years, t = 9)
Putting them into the formula, we can solve for F, our answer:
[tex]F=P(1+r)^t\\F=46,000(1+0.0625)^9\\F=46,000(1.0625)^9\\F=79,381.31[/tex]
Rounded to nearest dollar, $79,381
