Michael borrowed RS 16000 from a finance company at 10percent per annum compounded half-yearly .what amount of money will discharge his Dept after 1_1
2
Answers
Answered by
0
Answer:
There is a mistake in the question. The number of years should be 3/2 years instead of 3 2 years.
Principal or P = Rs. 16000
Rate of interest or R = 10 % per annum or 5 % per half year.
Time or n = 3/2 = 3 half years.
So,
A = P [1 + R/100]^n
⇒ 16000 [1 + 5/100]³
⇒ 16000 × 105/100 × 105/100 × 105/100
= Rs. 18522 Answer.
Similar questions