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Another worked compound example used a principal of:
A$3,000
B$9,000
C$7,000
D$5,000
Answer & Solution
Correct answer: D. $5,000
1. Its annual rate was 3.8 per cent.
2. It compounded monthly for five years.
3. The principal was $5,000.
_Source: OpenStax, Contemporary Mathematics, Ch 6 'Money Management'_
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