SOLUTION: Bob borrows a certain amount of money. interest compounds annually at a rate of 8%. At the end of five years he has to pay back $1469.33 in total. What amount did he borrow?
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Question 923347: Bob borrows a certain amount of money. interest compounds annually at a rate of 8%. At the end of five years he has to pay back $1469.33 in total. What amount did he borrow?
Please Help I am stuck with this question Answer by ewatrrr(24785) (Show Source):
You can put this solution on YOUR website!
A = Accumulated Amount
P= principal =
r= annual rate = .08
n= periods per year = 1
t= years = 5
= $1000
