cheyboo6 cheyboo6

25-02-2017
Mathematics

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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

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TakeItHome TakeItHome

25-02-2017

It's D because 5x8 = 40 and look at the extra zeros

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Aliwohaish12 Aliwohaish12

25-02-2017

Fv=5000(1+0.08)^2=5,832
Interest earned=5832-5000=832

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