Question

praveen borrows a sum of 34,000 at 5% p.a compounded anually for 24 months .how much will he pay?

pls answer stepwise

Answer 1

Answer:

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Answer 2

Answer:

Praveen borrows a sum of 34,000 at 5% p.a compounded annually for 24 months .  He will pay  ₹ 37485.

Step-by-step explanation:

Praveen borrows a sum of amount = 34,000  

R =5% p.a  

Time T = 24 months = 2 years

Amount = $p [1+ \frac{R}{100} ]^T$

$= 34000 [1+ \frac{5}{100} ]^2$

$= 34000 [1+ \frac{5}{100} ][1+ \frac{5}{100}]$

$= 34000 \times \frac{21}{20} \times \frac{21}{20}$

$= 85 \times 21 \times 21$

=  ₹ 37485