Michael borrowed RS 16000 from a finance company at 10% per annum ,compounded half yearly.what amount of money will discharge his debt after 1 1/2 years.??
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Answer:
Principal amount (P)=Rs.16000
Rate of interest, (R)=10% per annum or 5% per half year.
Time (n)=1
2
1
=
2
3
years.
∴A=P(1+
100
R
)
n
⇒=16000(1+
100
5
)
3
⇒=16000×(
100
105
)
3
⇒=Rs.18522
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