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30 December, 12:40

Suppose you borrow $26000 at an annual interest rate of 5%. For 3 years, you do not make any payments. Find the interest accrued over this time period if the interest is compounded as follows. Round your answers to the nearest cent.

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  1. 30 December, 16:31
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    Find the interest accrued over this time period

    $4098,25

    Explanation:

    Borrow I% interest

    Year 1 26000 5% 1300 27300

    Year 2 27300 5% 1365 28665

    Year 3 28665 5% 1433,25 30098,25

    4098,25
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