18. A sum of Rs 2,400 is borrowed at a half-yearly compound interest rate of 25/4%.
(i) Find the amount of the debt at the end of one year.
(ii) Find the amount of money required to clear off the debt after 3/2 years.
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Step-by-step explanation:
Amount to be paid after 1 year
=actual amount (1+rate/100)^time
=2400(1+6.25/100)^2
=2709.375
For amount required after 1.5 year to clear of the debt=2400(1+6.25/100)^3
=2400(17/16)^3
=2878.7109
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