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18 June, 10:22

Kaitlyn borrowed $19,000 from her mother to buy a car. She will repay the loan at the end of 5 years at 5% interest compounded annually. Find the amount she will repay.

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  1. 18 June, 11:32
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    The amount repay the end of 5 years = $24,249.35

    Step-by-step explanation:

    S=P (1+i) ^n

    S=19000 (1+0.05) ^5

    S=24,249.05

    i=0.05/1

    n=5
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