If Pete borrows $250 from his sister and promises to pay back the borrowed money and...

If Pete borrows $250 from his sister and promises to pay back the borrowed money and all interest payments in 3 years with annual interest rate of 4.91%. Three years later, how much will Pete need to pay back to his sister?

Please round your answer to the second decimal without dollar sign or comma. E.g. 1234.56

Expert Solution

jeff jeffy answered 2 years ago

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Why we cannot print money to pay back the debt

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