3.1 with a repeating “1” (I think not sure)
Wallace will pay $6,325 after 6 years.
Given:
Principal = 5,000
interest rate = 4%
Term = 6 years
Compound Interest means that the interest earned will also be earning its own interest.
Compound Interest = Principal x (1+r)^t
C.I. = 5,000 x 1.04⁶
C.I. = 5,000 x 1.265
C.I. = 6,325 TOTAL AMOUNT HE WILL PAY.
6,325 - 5,000 = 1,325 interest for 6 years.
X is cross multiple and u have to divide
