Karuna borrowed 57600 from Life Insurance Corporation against her policy at
12by 1/2%per annum to build a house. Find the amount that she pays to the LIC after
1by 1/2yera if the interest is calculated half-yearly.
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Answered by
12
Answer:
Step-by-step explanation:
Given:
P=Rs57600
R=12.5% p.a
n=1.5 years
When the interest is compounded half-yearly,
We have:
A=P(1+
200
R
)
2n
A=57600(1+
200
12.5
)
3
A=57600(1.0625)
3
A= Rs 69089.06
Thus, the required amount is Rs 69089.06
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