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Imagine that your uncle is lending you $10,000 at a simple annual interest rate of 5% so that you can start your own business. You agree to repay your uncle in one lump sum at the end of 10 years. How much will you owe your uncle at that time?

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Imagine that your uncle is lending you $10,000 at a simple annual interest rate of 5% so that you can start your own business. You agree to repay your uncle in one lump sum at the end of 10 years. How much will you owe your uncle at that time?






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