39. Arun took a loan of Rs. 390625 from Kuber Finnace. If the company charges interest at 16% per annum, compounded quarterly, what amount will discharge his debt after one year?
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Answer:
Step-by-step explanation:
Principal = Rs. 390625
As the interest is compounded quarterly @ 16 % per annum, the rate of interest will be 1/4th of 16 %
R = 16/4 = 4 %
Time is 1 year and there are 4 quarters in a years.
So,
T = 4
A = P(1 + R/100)ⁿ
A = 390625(1 + 4/100)⁴
A = 390625 × 104/100 × 104/100 × 104/100 × 104/100
A = 390625 × 1.04 × 1.04 × 1.04 × 1.04
A = 456976
Arun will have to pay Rs. 456976 after 1 year to discharge his debt.
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