Gita borrowed Rs. 25000 from a Finance Company for 1 and half years. at the rate of 16 %p.a, What amount will she have to pay if the interest is compounded half yearly.
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Answer:
56492.8
Step-by-step explanation:
1 and half years = 18/12 = 3/2
now it is compunded half yearly, so
3/2 = 3/2 × 2 = 3 YEARS
16% = 8%
AMOUNT = P(1 + R/100)³
= 25000(1 + 8/100)³
= 25000(108/100)³
= 25000 × 108/100 × 108/100 × 108/100
= 31492.8
COMPUND INTEREST = PRINCIPAL + INTEREST
= 25000 + 31492.8
= 56492.8
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