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21 July, 21:58

An amount of $41,000 is borrowed for five years at 5% interest, compound annually. If the loan is paid in full at the end of that period. How much must be paid back?

round to the nearest dollar

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  1. 22 July, 01:29
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    P = 41,000 (1.05) ^5

    P = 41,000 (1.27628)

    P = 52,327
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