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A loan of $ 100 at 6% is made for 3 years, compounded annually. What is the total loan value at the end of 3 years?
(a)$ 119.10 (b)$ 401.76 (c)$ 448.00 (d) $ 501.76 (e)$ 510.76

I need help with this question not asking for the answer.
13 years ago

Answers

Reiny
You should be familiar with the amount formula

amount = principal (1+i)^n, where i is the rate per period, and n is the number of periods
here i = .06, and n = 3

amount = 100(1.06)^3 = 119.10
13 years ago

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