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A new college graduate has a job with Aerospace Company. She plans to borrow $25,000 now to help in buying a car, renting an apartment
A new college graduate has a job with Aerospace Company. She plans to borrow $25,000 now to help in buying a car, renting an apartment and furnishing her apartment. She has arranged to repay the entire principal plus 7% per year interest after 3 years. Calculate the amount of money that she needs to pay back at the end of the third year considering that the 7% is compound interest
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