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Your great aunt sally loans you $5000 for three years and asks that you repay it with annually compounding interest at the rate of 8% per year. how much do you repay her after three years?
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Your great aunt sally loans you $5000 for three years and asks that you repay it with annually compounding interest at the rate of 8% per year. how much do you repay her after three years?

User Ratikanta Patra
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1 Answer

3 votes
$1,875
5,000÷8×3=1,875
User Yuri Heupa
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8.7k points
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