mukesh borrowed rs.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 compounded half- yearly
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ANSWER
P=75000
R=12%
T=
2
3
years
when compounded annually,
A=P(1+
100
R
)
T
75000(1+
100
12
)
2
3
=Rs.88897.2
when compounded half yearly,
A=P(1+
200
R
)
2T
75000(1+
200
12
)
2×
2
3
Rs.=89326.2
Step-by-step explanation:
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