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What is the total compound interest of a loan for $5,000 with an annual interest rate of 8 percent at the end of a two-year period? a.800 b. 832 c.432 d.400

What is the total compound interest of a loan for $5,000 with an annual interest rate of 8 percent at the end of a two-year period? a.800 b. 832 c.432 d.400
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What is the total compound interest of a loan for $5,000 with an annual interest rate of 8 percent at the end of a two-year period?

a.800
b. 832
c.432
d.400

User Stay
by
8.5k points

2 Answers

1 vote
It's D because 5x8 = 40 and look at the extra zeros
User Hetepeperfan
by
8.8k points
4 votes
Fv=5000(1+0.08)^2=5,832
Interest earned=5832-5000=832
User Smashery
by
9.0k points
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