Question

This need to be correct plzzzzzzzzzzzz I got this answer wrong so send the new one

Answer 1

Answer:

$215,892.50

Step-by-step explanation:

This is a problem of compound interest.

In compound interest Amount A for principal p charged at interest r% per annum is given by

A = p(1+r/100)^n

where n is the time period in years.

_____________________________

given

p = $100,000

r = 8%

t = 10 years

A= 100,000( 1+ 8/100)^10

A= 100,000( 1.08)^10

A = $215,892.50

So , you need to pay $215,892.50 in total to debt cleared of debt.