If $10,000 is borrowed with an interest of 5.0% compounded annually, what is the total amount of money needed to pay it back in 5 years? Round your answer to the nearest cent and do not include the dollar sign.
2 answers:
Answer:
it is 12500
Step-by-step explanation:
The amount times the percent times the years gives you the intrest and you add that to the amount and that gives you the total
You have to first change 5% into a decimal by moving it 2places to the left so .05 and then multiply that .05 x 10000 you’ll get 500 that only for a year for 5years 500 x 5 =2500 and then finally add 10000 to get the total amount for 5 years which will be 12500
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