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OpenStudy (anonymous):
Wallace took out a $5,000 loan for six years. He is being charged 4 percent interest, compounded annually. Calculate the total amount he will pay.
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OpenStudy (anonymous):
A=P(1+r/n)^nt A=5000(1+.04/1)^1*6 A=5000(1.04)^6 A=5000(1.265319018) A=6,326.60 (rounded)
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