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 . But the answer in my book is 2709.38 pls explain and there are similar questions but no correct answers ☹️.
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Answered by
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Answer:
27400 answer like please
Answered by
2
Answer:
1. Amount at the end of 1 year is 2709.375
2. Amount at the end of 1½ year is 2,878.71094
Step-by-step explanation:
The interest is compounded half yearly. So as there are 2 half years in a year
The Amount for 1 year will be= 2400(1+25/400)²
= 2400(425/400 × 425/400)
= 2709.375
In 1½ years there are 3 half years, so
The amount for 1½ years will be= 2400(1+25/400)³
= 2400(425/400×425/400×425/400)
= 2,878.71094
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