Posted by **Maame** on Thursday, May 24, 2012 at 10:59pm.

Chandra borrows some money at 7.2%/a compounded annually. After

5 years, she repays $12 033.52 for the principal and the interest. How much

money did Chandra borrow?

- math -
**HenrComp./yr * 5yrsy**, Friday, May 25, 2012 at 9:45pm
P = Po(1+r)^n.

r = 7.2% / 100% = 0.072 = Annual % rate expressed as a decimal.

n = iComp/yr * 5yrs = 5 Compounding

periods.

P = Po(1.072)^5 = 12,033.52

1.41571Po = 12,033.52

Po = $8500. = Amt. borrowed.

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