Jonathan’s grandparents lend $100,000 to Jonathan at a simple annual interest rate of 10%. He pays them back 5 years later. How much do they receive? Choose the correct choice from the following options
A) 100,000∗0.1^5 B) 100,000∗0.5 C) (100,000∗0.1)^5 D) 100,000∗1.1^5 E) 100,000∗1.5
if you are like me and have used S.I = P x R x T formula in school, while the question is asking for Amount in 5 years. so (100,000∗1.5) 10,000∗ 1.5   Ans : 100,000∗1.5
<result>E</result>
Jonathan’s grandparents lend $100,000 to Jonathan at a simple annual interest rate of 10%. He pays them back 5 years later. How much do they receive?