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Lucas takes a loan of EUR 10000. The bank charges a rate of interest 5%...

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Accounting

Lucas takes a loan of EUR 10000. The bank charges a rate of interest 5% p.a. How much should he repay in total after 10 years, when interest is compounded (a) semi-annually, (b) quarterly and (c) monthly, respectively? Find the effective rate of interests for each of these cases

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