Answer:
$215,892.50
Step-by-step explanation:
This is a problem of compound interest.
In compound interest Amount A for principal p charged at interest r% per annum is given by
A = p(1+r/100)^n
where n is the time period in years.
_____________________________
given
p = $100,000
r = 8%
t = 10 years
A= 100,000( 1+ 8/100)^10
A= 100,000( 1.08)^10
A = $215,892.50
So , you need to pay $215,892.50 in total to debt cleared of debt.
