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Dec. 17 Compound Interest

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Dec. 17 Compound Interest

1. 1. Compound Interest
2. 2. Sam has \$5000 to invest. She has found a place where she can earn 5%, compounded annually. How much is her investment worth after 5 years?
3. 3. n*t Compound Interest formula : A = P ( 1+ n r ) - A is the amount you have at the end of your investment - P is the amount you invest - r is the rate as a decimal - t is the time in years - n is the number of times interest is compounded in a year
4. 4. Byron has borrowed \$10000 from Erick. Erick is charging him an interest rate of 3.5%, compounded annually. If Byron pays Erick back after 2 months, how much will he pay?
5. 5. Exercise 43 Questions 1 - 5 7 - 11