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What is the amount mora must pay back

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Mora bet Allison $1,000 that she could eat 100 skittles in one minute. Mora lost the bet. Allison has arranged a $1,000 interest accrual loan for Mora, at an interest rate of 8% per annual compounding period. Mora has agreed to repay the full amount of the loan plus all interest at the end of 5 full years. What is the amount Mora must pay back at the end of the loan's 5-year term?

Reference no: EM133000955

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