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Blondie borrowed $60,000 for 5 years at 5% interest, to start her small business which was compounded annually
Blondie borrowed $60,000 for 5 years at 5% interest, to start her small business which was compounded annually.What total will she pay back ?
Expert Solution
Computation of Future Value:
Future Value = Present Value*(1+Rate)^Time
= $60,000*(1+5%)^5
= $60,000*1.27628
Future Value = $76,576.89
So, She will pay $76,576.89 in total.
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