Question

time borrow 1024000 from the bank for 1 year if the bank charge interest of 5% per annum compounded half yearly find amount and CI​

Answer 1

Answer:

hi

Step-by-step explanation:

Answer 2

Answer:

Amount = 1075840

Interest = 51840

Step-by-step explanation:

Given, Amount borrowed by Rahim (P) = 1024000 with a

time period (T) = 1 yr.

Also,

Rate of interest (R) = 5% per annum compounded  half-yearly = 2.5.

Let Amount = A

Now,

A = (1 + r/100)ⁿ

⇒ 1024000(1 + 2.5/100)²

⇒ 1024000(41/40)²

⇒ 1075840

Now,

we know Compound interest,CI = A - P

⇒ 1075840 - 1024000

⇒ 51840

Hence, interest paid by him is 51840

Hope it helps!