Question

Pradeep took a loan of Rs. 390625 from a bank. If the bank charges interest at 16% per annum,
compounded quarterly, what amount will clear his debt after one year?

Answer 1

Answer:

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Answer 2

Answer:

p = 390625

r % per annum = 16 % , r% per quarter = 16 /4 = 4% per quarter.

t= 1 year , 3 quarters

amount after the end of 1 year

= p ( 1+r%\100)^t

= 390625( 1+4/100)^t

= 390625(104/100)^3

= 390625 * 104/100 * 104/100 *104/100

=439400 answer