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Rs. 16000 was borrowed by a man from a bank where compound interest is computed quarterly. Annual interest rate is 10%. How much he has to pay after 9 months to clear his liabilities?

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Amount borrowed = Rs 16000

Interest rate = 10%

9 Months = 3 quarterly years

Amount to be repaired after 9 months

= 16000 × (1 + \(\frac{2.5}{100}\))3

= 16000 × (\(\frac{102.5}{100}\))3

= 16000 × \(\frac{102.5}{100}\) × \(\frac{102.5}{100}\) × \(\frac{102.5}{100}\)

= 17230.25

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