On August 1,1990, Mr.Talamos borrows 9,500 pesos and agrees to pay the compounded amont on the day he pays the debt. If interest is at the rate of 5 1/2% compounded quarterly, how much must Mr. Talamos pay to discharge his obligation on january 1,2001?

Answer 1

amount=9500(1.055)^t where t=10 5/12 or
t= 10.417

check that

Answer 2

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