Raghav takes a personal loan of 25,000 from a finance company. The company
charges an interest of 16% per annum compounded half-yearly. What is the total
amount paid by him at the end of 2 years?
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Answer:
29160 ..[ Compounded half yearly so , you can divide the rate by 2 ]
Step-by-step explanation:
A = P(1+R/100)
= 25000 (1+8/100)
= 25000 × 27/25 × 27/25
= 29160
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