A bank offers loans to farmers at a compound interest rate of 4.5% per annum. Calculate the total amount to be paid by a farmer who borrows $ 45 000 for a period of 2 years.

The principal amount ($P$) is $45,000. The annual interest rate ($r$) is 4.5The time period ($t$) is 2 years. Since the interest is compounded per annum, the number of times interest is compounded per year ($n$) is 1.

The formula for compound interest is:

Substitute the given values into the formula:

Rounding to two decimal places for currency:

The total amount to be paid by the farmer is: $\boxed{\$49141.13}$