If a person borrows $5000 at a rate of 8% per annum compounded annually, what wi

If a person borrows $5000 at a rate of 8% per annum compounded annually, what will be the amount after 2 years?

If a person borrows $5000 at a rate of 8% per annum compounded annually, what will be the amount after 2 years?

Compound Interest – Understanding how to calculate the future value of an investment or loan using the formula for compound interest.
Exponents – Applying exponentiation in the context of compounding over multiple periods.
Financial Literacy – Basic knowledge of interest rates and their impact on loans and investments.