Michael borrowed rupees 16000 from a finance company at 10% per annum,compounded half yearly. What amount of money will discharge his debt after 3 2 years?
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Solution:-
There is a mistake in this question. Time should be written as 3/2 years.
Given : P = Rs. 16000,
Rate of interest = 10 % per annum compounded half yearly so, the rate will be 5 %.
Time = 3/2 years = 3 half years
A = P(1 + r/100)ⁿ
= 16000(1 + 5/100)³
= 16000*105/100*105/100*105/100
Amount = Rs. 18522
Answer.
There is a mistake in this question. Time should be written as 3/2 years.
Given : P = Rs. 16000,
Rate of interest = 10 % per annum compounded half yearly so, the rate will be 5 %.
Time = 3/2 years = 3 half years
A = P(1 + r/100)ⁿ
= 16000(1 + 5/100)³
= 16000*105/100*105/100*105/100
Amount = Rs. 18522
Answer.
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1
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here's your answer. . .......
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