Q77 of 90 Page 133

Michael borrowed Rs. 16000 from a finance company at 10% per annum compounded half yearly. What amount of money will discharge his debt after 3/2 years?

Given that,

P = 16000


R = 10% per annum


R = 5% per half yearly


Time(n) = 32 year = 64 half year


Compound interest,





A = 16000 × 22.7046


A = 363274.675


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