Compound Interest
Compound Interest
Secondary 3
John borrowed \(\$8000\) from a bank which charges compound interest at a rate of \(16\%\) per annum.
Calculate
- the total amount of money that he owed the bank at the end of \(3\) years,
- the interest that he paid to the bank at the end of \(3\) years.
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Answer:(i) \(\$12\,487.17\). (ii) \(\$4\,487.17\).
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