Sumit borrowd ₹36000from a financier at 25% per annum compound half yearly. What amount of mony will discharge his debit after half year
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Principal amount (P)=Rs.16000
Rate of interest, (R)=10% per annum or 5% per half year.
Time (n)=121=23 years.
∴A=P(1+100R)n
⇒=16000(1+1005)3
⇒=16000×(100105)3
⇒=Rs.18522
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