a sum of rupees 2400 is borrowed at half yearly compound interest rate of 6 whole 1 upon 4% first find the amount of the Dept at the end of 1 year second find the amount of money required to clear of the Dept after 1 whole 1 upon 2
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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)
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