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If a person invests $5000 at a compound interest rate of 8% per annum, what will
Practice Questions
Q1
If a person invests $5000 at a compound interest rate of 8% per annum, what will be the total amount after 3 years?
$5920
$6000
$5934
$5800
Questions & Step-by-Step Solutions
If a person invests $5000 at a compound interest rate of 8% per annum, what will be the total amount after 3 years?
Steps
Concepts
Compound Interest
– Understanding how compound interest works, including the formula for calculating the total amount after a certain number of years.
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