Question
Jonathan had borrowed a sum of money 3 years ago at 10%
interest per annum compounded annually for a 5-year period, with the amount to be paid at the end of the period being ₹1,61,051. However, there is no pre payment penalty and Jonathan has received some bonus payment now, with which he has decided to clear his debt. How much does Jonathan have to pay now to clear his debt?Solution
The correct answer is C
The case of Pickard v. Sears is related
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