100 will become after 20 years at 5% p.a. compound interest amoun
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Answer:
2.65
Step-by-step explanation:
Compound interest is given by the equation:
Af=A0(1+r100)n
where:
A0,Af are the initial and final amounts of money,.. respectively
r is the rate of compound interest
n is the number of years passed
So, we get:
Af=$100(1+5100)20
=$100⋅1.0520
=$100⋅2.65
=$265
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