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sara borrowed 500$ for four years at 3% interest compound3d annually . total amt she will pay back.?

Respuesta :

apologiabiology
compound

[tex]A=P(1+ \frac{r}{n})^{rt} [/tex]

A=future amount
P=present amount
r=rate in decimal
n=number of times per year compounded
t=time in years


A=?
P=500
r=0.03
n=1
t=4

[tex]A=500(1+ \frac{0.03}{1})^{(1)(4)} [/tex]
[tex]A=500(1+0.03)^{4} [/tex]
[tex]A=500(1.03)^{4} [/tex]
A=562.754

pay back $562.75

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