Mr chua borrows a sum of money from the bank which charges a compound interest of 4.2% per annum, compounded quarterly. Given that Mr chua h

Interest = FV- PV

$$\\FV=PV*(1+0.042/4)^4\\\\ I=PV*(1+0.042/4)^4-PV\\\\ 96.60=PV((1+0.042/4)^4-1)\\\\ PV=96.60\div ((1+0.042/4)^4-1)$$

$${\frac{{\mathtt{96.6}}}{\left({\left({\mathtt{1}}{\mathtt{\,\small\textbf+\,}}\left({\frac{{\mathtt{0.042}}}{{\mathtt{4}}}}\right)\right)}^{{\mathtt{4}}}{\mathtt{\,-\,}}{\mathtt{1}}\right)}} = {\mathtt{2\,264.090\: \!306\: \!474\: \!847\: \!048\: \!9}}$$

Amount borrowed    $2264.09