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Need help with compound question

Business & Finance
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Compute the compound amount and the interest on a loan of $10,200 compounded annually for seven years at 10%.

Apr 7th, 2015

principal = $10,200

rate = 10%

time = 7 years

amount = 10200(1+10/100)^7

             = 10200(1.10)^7

             = 10200 * 1.948

             = $ 19869.6

interest earned = 19869.6 - 10200

                        = $ 9,669.6

Apr 7th, 2015

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