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07-08-2019
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Suppose that Betty takes out a loan for $300 at an annually compounded interest rate of 6 percent to be repaid after five years. How much will be required to pay off the loan at the end of the five years?

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07-08-2019

Answer:

Betty required to $401

Explanation:

Using the future value formula

FV = PV x (1+r) ^ n

FV = $300 x (1+6%)^5

FV = $401

Betty required to Pay $401 at maturity of loan.

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