You take

You take out Php 20000 loan at a 5% interest rate. If the interest is compounded annually,

a. Give an exponential model for the situation
b. How much Will you owe after ten years?

Correct answer:

x =  32577.89 Php

Step-by-step explanation:

a=20000 Php q=100%+5%=1+1005=1.05 t=10  x=a qt=20000 1.0510=32577.89 Php

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