6. Purohit borrowed 5,000 for 10 years at compound interest and the rate of interest were 3% pa for the
first two years. 3.5% per annum for the next three years and 49 p. a, for the last five years. Find amount
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Answer:
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Step-by-step explanation:
Since the man repays Rs. 1500 at the end of each year
∴ Amount he owes at the end of 1
st
year
=5000(1+
100
10
)−1500=5500−1500=Rs.40000
Amount he owes at the end of 2
nd
year
=4000(1+
100
10
)−1500=4400−1500=Rs.2900
Amount he owes at the end of 3
rd
year
=2900(1+
100
10
)−1500=3190−1500=Rs.1690
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