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03-12-2017
Mathematics

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John James loaned Mel Karras $8,000 to open up a pottery shop. Mel will repay John at the end of 5 years with interest, compounded quarterly, at 8 percent. How much will John receive at the end of 5 years?

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03-12-2017

[tex]A=8000(1+\frac{0.08}{4})^{5\times4}=$11,887.58[/tex]

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