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solve the by using by using compound interest, If Josh invests 500 in a 5-year fixed interest savings bond that pays 5% per annum, how much will his entire investment be worth at the end of the term? by using compound interest

Solution

Solution

Interest : 138.14

Solution steps

Translate the problem into an equation:

638.14 = 500 + I

Solve for

I, 638.14 = 500 + I : I = 138.14

Interest : 138.14

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