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28 November, 16:01

borrowed 8000 at a rate of 20%, compounded quarterly. Assuming she makes no payments, how much will she owe after 8 years?

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  1. 28 November, 17:47
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    Answer: 115,200

    Step-by-step explanation:

    If his money is compounded quarterly by 20%, therefore the added interest will be 20%of 8,000 which is 1,600/quarter of a year. This will be equivalent to (4*1600) compounded interest for 1year i. e 6,400

    If he borrowed 8000 initially, the accrued amount after one year will be initial money borrowed + compound interest = 8000 + 6400

    = 14,400

    After 8years, she will would have own 8*14,400 which is equivalent to 115,200.

    This shows that she must have own 115,200 after 8years
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