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At the beginning of the year, Mr. Novák borrowed CZK 30,000 for two years with an interest rate of 11.8%. He will repay the debt at once after two years. The bank pays interest once a year, always at the end of the year. How much does Mr. Novák have to repay the bank?

Correct answer:

x =  37497.72

Step-by-step explanation:

$$\begin{gathered} a=30000 \\ q=100\%+11.8\%=1+\frac{11.8}{100}=1.118 \\ {a}_1=a\cdot q=30000\cdot 1.118=33540 \\ x=a_1\cdot q=33540\cdot 1.118=37497.72 \end{gathered}$$

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