Question

Compound Interest
8. Michael borrowed 16000 from a finance company at 10% per annum, compounded
half-yearly. What amount of money will discharge his debt after 3 years

Answer 1

Answer:

There is a mistake in the question. The number of years Should be 3/2 years, Instead of 3 years.

Step-by-step explanation:

Solution:

Principal (P) = ₹ 16000

Rate of interest (R) = 10% per annum or 5% per half yearly.

Time (n) = 3/2 years

Therefore,

$a = p(1 + \frac{r}{100} ) {}^{n}$

$= > 16000(1 + \frac{5}{100}) {}^{3}$

$= > 16000 \times ( \frac{105}{100}) {}^{3}$

$=18522$

Answer 2

Answer:

Answer is 18522

Step-by-step explanation:

hope helps