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OpenStudy (anonymous):
What is the total amount that First Consumer Bank will receive after lending Jane $7,000 for three years at an interest rate of 5 percent, compounded annually?
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OpenStudy (amistre64):
A = P(1+r)^t
OpenStudy (amistre64):
im assuming there are no interim payments and that its just a one lump sum at the end
OpenStudy (anonymous):
yes, i just want to know how the equasion is done: P(1+i)t
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