Suppose you borrow 100,000 rupees from a bank that charges 15% interest. Using relevant theories, determine how much you will owe the bank over a period of 5 years.
Want the answer through geometric sequence.
an = a1*r(n-1)
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Answer:
175000
Step-by-step explanation:
Interest = (principle x no. of years x rate of interest) / 100
I=(100000x 5 x 15)/100
I=75000
Total amount = principle +interest
Total amount =100000+75000
=175000
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