Question

18. A sum of Rs 2,400 is borrowed at a half-yearly compound interest rate of (6×4+1 ÷100) %.
(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 1 year​

Answer 1

Answer:

hope it helps you

Step-by-step explanation:

Given principal P = Rs 2400, Rate of interest = 6¼% per half year = 25/4% Recall that (1) Here n = 2 as the interest is compounded half yearly. Thus amount of debt at the end of one year is Rs 2709.40 (nearly) (2) Time period = 1 ½ years hence n = 3 as interested is compounded half yearly Thus amount required to clear off the debt is Rs 2878.70 (nearly)

Answer 2

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