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  • 14-05-2020
  • Mathematics
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Mrs.Smith borrowed 12,000.00 at 4% for 5 years.How much was the total she paid back?

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  • 14-05-2020

Answer:14,600

Step-by-step explanation:

Given

Money borrowed [tex]P=12,000[/tex]

Rate of interest [tex]R=4\ \%[/tex]

Time period [tex]t=5\ years[/tex]

Suppose Money is compounded annually

So total payback at the end of 5 years

[tex]A=P(1+R)^{t}[/tex]

[tex]A=12,0000(1+0.04)^{5}[/tex]

[tex]A=12000\times 1.2166[/tex]

[tex]A=14,599.8\approx 14,600[/tex]

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