At a compound interest rate of 10% per year, the amount that $10,000 one year ago is
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At a compound interest rate of 10% per year, the amount that $10,000 one year ago is equivalent to now is closest to:
(a) $8264
(b) $9091
(c) $11,000
(d ) $12,100
Compound InterestCompound interest (or compounding interest) is interest calculated on the initial principal, which also includes all of the accumulated interest from previous periods on a deposit or loan. Thought to have originated in 17th century Italy, compound...
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