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If a person borrows $5000 at a rate of 8% per annum compounded annually, what wi

Practice Questions

Q1
If a person borrows $5000 at a rate of 8% per annum compounded annually, what will be the amount after 2 years?
  1. $5832
  2. $6000
  3. $5200
  4. $5400

Questions & Step-by-Step Solutions

If a person borrows $5000 at a rate of 8% per annum compounded annually, what will be the amount after 2 years?
  • Compound Interest – Understanding how to calculate the future value of an investment or loan using the formula for compound interest.
  • Exponents – Applying exponentiation in the context of compounding over multiple periods.
  • Financial Literacy – Basic knowledge of interest rates and their impact on loans and investments.
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