At the rate of 12% interest, Neeraj borrows Rs. 4600 for 1 year and 3 months while the interest is compounded annually. How much will he pay on completion of the time?
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Answer:
hi mate here is your answer
Step-by-step explanation:
Here, V=Rs.30000,r=12%=0.12 and n=20.
We know V=
r
A
[1−(1+r)
−n
]
Thus 30000=
0.12
A
[1−(1+0.12)
−20
]
⇒ A=
[1−(1+0.12)
−20
]
30000×0.12
⇒ A=
[1−(1.12)
−20
]
3600
⇒ A= Rs. 4016.76
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