Question

₹24000 is lent for 1{1÷2} years at 10% p.a. compounded half-yearly. Find the amount to be received after 1{1÷2} years.

Answer 1

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Answer 2

The amount to be received after 1{1÷2} years is 27783

Step-by-step explanation:

Principal = 24000

Time =$1\frac{1}{2}=1.5$ years

Rate of interest = 10% p.a. compounded half-yearly.

No. of compounds per year = 2

$Amount = P(1+\frac{r}{n})^{nt}$

Where r = rate of interest in decimals

P = Principal

n = No. of compounds

t = time

Substitute the values in the formula :

$Amount = 24000(1+\frac{0.1}{2})^{2(1.5)}$

Amount = 27783

Hence the amount to be received after 1{1÷2} years is 27783

#Learn more:

What amount is to be repaid on a loan of $12000 for 1 1/2 year at 10% p.a compounded half yearly

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