The amount he has to pay is $2391.12
Step-by-step explanation:
The amount borrowed by Dev is the principal amount
P=$2050
Rate of compound interest R=8%
number of years n=2
The expression for the final amount to be repaid is
[tex]A=P(1+R/100)^n\\=2050(1+8/100)^2\\=2050(108/100)^2\\=2050\times 1.08^2\\=2050\times 1.1664\\=2391.12[/tex]
Dev has to repay $2391.12
