Question

Ollie borrowed $5000 for 3 years at a compound interest rate of 10%.

How much did Ollie pay back?

Answer 1

Answer: Assuming interest rate is yearly, Ollie would have to pay back 6, 655 dollars :)

Step-by-step explanation:

The formula for compound interest is

Y = P(1 + r/m)^mt, with P being the initial deposit (5000), r being the interest rate (0.10), m being the amount of times it is compounded per year (1), and t being the number of years (3).

Answer 2

I think Ollie payed $1,500 back.