Mukesh borrowed 75000 from a bank. If the rate of interest is 12% per annum, find the amount he would be paying after 3/2 years if the interest is (i) compounded annually (ii) compounded half-yearly.
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Answered by
1
Answer:
(i) Rs.88897 (ii) Rs.89326
Step-by-step explanation:
Given that P=75000
R=12%
T= 2
3 years
To find the amount :
(i) when compounded annually,
A=P(1+ 100 R ) T
A=75000(1+ 100 12 ) 2 3
A=Rs.88897.2
(ii) when compounded half yearly,
A=P(1+ 200R )2T
A=75000(1+ 200 12 )2×23
A=Rs.89326.2
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Answer:
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Step-by-step explanation:
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