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Compound interest (extension)

DIFFICULTYintrostandardchallengeexam
QUESTION TYPEMix of allChange
Find the total loan amount owedFind the final investment amountFind the total interest chargedFind the total interest earnedNOWMix of allRecommended
Question 1 of 8

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A loan compounds annually. There are no repayments or fees during the term

Principal$700.00
Annual rate6% p.a.
Term2 years
1 mark

Find the increase in the balance

Format: Nearest cent