XTZ Company took a loan from the bank and after 544 days, and compounded interest of 4.8 per cent per annum is charged, 1083.3 is payed back.What is the the loan amount that is taken?Question 10Answera.1010.98b.1010.19c.942.58d.7256.15

To solve this problem, we need to use the formula for compound interest which is:

A = P(1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = time the money is invested for in years

Given: A = 1083.3 (the total amount of money paid back) r = 4.8/100 = 0.048 (annual interest rate in decimal) t = 544/365 = 1.49 (time in years, since 544 days is approximately 1.49 years) n = 1 (since it's compounded annually)

We need to find P (the principal amount or the initial amount of money borrowed).

Rearranging the formula to solve for P gives us:

P = A / (1 + r/n)^(nt)

Substituting the given values into the formula gives us:

P = 1083.3 / (1 + 0.048/1)^(1*1.49)

Calculating this gives us:

P = 1010.98

So, the loan amount that was taken is approximately 1010.98. Therefore, the answer is a. 1010.98.

To find the original loan amount, we need to use the formula for compound interest which is:

A = P(1 + r/n)^(nt)

Where: A = the amount of money accumulated after n years, including interest. P = the principal amount (the initial amount of money) r = annual interest rate (in decimal) n = number of times that interest is compounded per year t = time the money is invested for in years

In this case, we know: A = 1083.3 (the total amount of money paid back) r = 4.8/100 = 0.048 (annual interest rate in decimal) t = 544/365 = 1.49 (time in years, since 544 days is approximately 1.49 years) n = 1 (assuming the interest is compounded annually)

We can plug these values into the formula and solve for P (the principal amount or the original loan amount):

1083.3 = P(1 + 0.048/1)^(1*1.49)

Solving the above equation for P will give us the original loan amount.

Let's solve it:

1083.3 = P * (1.048)^1.49 P = 1083.3 / (1.048)^1.49 P = 1010.98

So, the original loan amount is approximately 1010.98. Therefore, the answer is a.1010.98.