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.

Question

Derrick Boyle

Mathematics

4 April, 21:22

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 (2)

Know the Answer?

Beaux · Answer 1

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

Gerardo Kane · Answer 2

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