11 December, 20:38
Nancy borrows $5000 at a rate of 16% interest per year. What is the amount due at the end of 5 years if the interest is compounded continuously?
11 December, 22:19
A = p (1 + r*t)
A = Amount
p = Principal (5000)
r = rate (0.16)
t = time (5)
A = 5000 (1 + 0.16*5)
A = 5000 (1 + 0.8)
A = 5000 (1.8)
A = 9000
Therefore she will need to pay $9000 at the end of 5 years.
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» Nancy borrows $5000 at a rate of 16% interest per year. What is the amount due at the end of 5 years if the interest is compounded continuously?