Birju borrowed 5,000 from a finance company at 8% p.a. compounded half-yearly. What amount
money will discharge his debt after 1 year?
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Fun-Task-Tick Maths - 8
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Answer:
Given -
P = 5000 Rs
r = 8 pcpa
t = 1 year
# Solution -
Total after 6 months is -
Total = P × (100 + r × t)/100
Total = 5000 × (100 + 8 × 1/2) / 100
Total = 50 × 104
Total = 5200 Rs
After next 6 months this amount will be -
Total = P' × (100 + r × t)/100
Total = 5200 × (100 + 8 × 1/2) / 100i
Total = 52 × 104
Total = 5408 Rs
Hence, Rs 5408 will discharge his debt after 1 year.
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