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Daily Math Challenge

📚 Money ⭐ Hard 🎓 Grade 6-8
A business owner borrows $50,000 at 8% annual interest. After 2 years with compound interest, how much do they owe?
Answer
$58320

📝 Step-by-Step Solution

1
Principal: $50,000
2
Rate: 8% annually
3
Year 1: $50,000 × 1.08 = $54,000
4
Year 2: $54,000 × 1.08 = $58,320
💡 Helpful Hints
• Use compound interest formula
• Calculate year by year
• Multiply by 1.08 each year