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Rashid [163]
3 years ago
7

Chris owes $17,000 to a bank. The debt grows with 8% annual interest that compounds every year. How

Mathematics
2 answers:
Solnce55 [7]3 years ago
7 0
  • Interest rate=8%

interest

\\ \rm\longmapsto 17000\times 8\%

\\ \rm\longmapsto 17000\times \dfrac{8}{100}

\\ \rm\longmapsto 170(8)

\\ \rm\longmapsto 1360

<h3>Total </h3>

\\ \rm\longmapsto 17000+1360=18360

Option C is correct

Sladkaya [172]3 years ago
3 0

Answer:

18360

Step-by-step explanation:

A = P (1 + r/n)^(nt)  where A is the amount in the account, P is the principle, r is the interest rate , n is the times compounded per year, t is the number of years

A = 17000 (1 + .08/1)^(1*1)

A = 17000( 1.08)^1

A = 18360

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