Ankit borrowed a sum of Rs.10,000 from a bank at the rate of 10% per annum Compounded half yearly. Find the Amount to repay by Ankit after 2 years 3 months
Answers
Given : Ankit borrowed a sum of Rs.10,000 from a bank at the rate of 10% per annum Compounded half yearly.
To Find : the Amount to repay by Ankit after 2 years 3 months
Solution:
P = 10,000
R = 10 % per annum = 5% half yearly
2 Years 3 month = 4 * 6 month + 3 month
First calculate amount after 2 years
n = 4
A = P(1 + R/100)ⁿ
A = 10000( 1 + 5/100)⁴
=> A = 12155.0625
Interest in next 3 month would be SI on 12155.0625
Amount after 3 months = 12155.0625 + 12155.0625( 10 * 3 /1200)
= 12155.0625 ( 1 + 1/40)
= 124589.390625
Amount to repay by Ankit after 2 years 3 months = 124589.39 Rs
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