Bruce takes out a personal loan of $1,000 to go on a trip to Florida. His loan has an annual compound interest rate of 10%. The loan compounds once each year. When you calculate Bruce’s debt, be sure to use the formula for annual compound interest. A = P (1+StartFraction r Over n EndFraction)nt Bruce borrowed $1,000 for his trip. If Bruce waits for five years to begin paying back his loan, how much will he owe? $1,251.10 $1,310.21 $1,610.51 $1,810.71