Mathematics 4024 · O Level · Exponential growth and decay

Exponential growth and decay — practice question

(a)[3]

Sami puts $2000 into an account that earns compound interest at $1.8\%$ per year. Calculate the total interest paid to Sami after $3$ years.

(b)[3]

Theresa takes out a loan. She pays it back over one year at $\$54$ each month. The total amount she repays is $8\%$ more than the original loan value. Work out the value of the original loan.

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