Mathematics
amigeorgi
4

What is $300 at 5% annual interest for 7 years

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(2) Answers
tpalocz

$300*.05=$15 $15*5=$75

Jayda

ok so first find 5% percent measn parts ou fo 100 5%=5/100 'of' means multiply interest is annual so what happens is 5% of 300 first year or 100%+5% becuase we find 5% then add taht to 300 then secondn year you do 5% of that pervious year or 100%+5% so we sense a pattern 100+5=105 1.05=105% each year we multiply the thing by 1.05 since that is the new value 7 years so 300 times 1.05 times 1.05 times 1.05 times 1.05 times 1.05 times 1.05 times 1.05=5125.78 answer is $5125.78 after 7 years

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