Question

*Simran borrows a sum of Rs. 35,000 from a bank at 6% per annum compounded half yearly. Determine the amount she needs to pay back to the bank after 1.5 years.*

1️⃣ Rs. 38,244
2️⃣ Rs. 37,130
3️⃣ Rs. 37,244
4️⃣ Rs. 36,050​

Answer 1

Answer:

38,244Rs

Step-by-step explanation:

P=35,000

R=6%

n= 2/3 years =1.5year

In question given that the interest is compounded half yearly, So,

R=6× 1/2 =3%

n= 3/2 ×2=3

So by formula

A=P(1+ R/100)^n

=35000(1+3/1100^3

=35000×103/100×103/100×103/100

= 35×103×103×103/1000

=38,244Rs

So option 1 is correct.

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