carl is facing very difficult financial times and can only pay the interest on a $ 10,000 loan he has taken . the bank charges him a quarterly compound rate of 4 % . what is the approximate interest he pays annually ?
"an easy way too attempt this is by approximation : for the first quarter , he pays 4 % of 10,000 which is $ 400 . so for the four quarters in the year , he will approximately play 400 * 4 = 1600 over the entire year . because of compound interest it will be more than 1600 . approx . option a is correct . answer : a"
subtract(multiply(multiply(const_100, const_100), power(add(const_1, divide(4, const_100)), const_4)), multiply(const_100, const_100))