Question

micheal borrowed rs. 16000 from a finance company at 10% per annum compounded half yearly what amount of money will discharge his dept after 1/1/2​

Answer 1

Answer:

₹18, 522

Step-by-step explanation:

n = 3/2 or 3 years as it is compounded half yearly

p = 16,000

r = 5% (compounded half yearly)

Using the formula of C. I. :

C. I. = p(1 + r/100)³

C. I. = 16,000( 1 + 5/100)³

C. I. = 16,000 × 105/100 × 105/100 × 105/100

C. I. = 18,522 is the answer ☑