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Question
A man borrows ₹ 4000 at 14% p.a., compound interest, being payable half-yearly. Find the amount he has to pay at the end of 1`(1)/(2)` years.
Solution
For 1st half-year : P = Rs.4000, R = 14% and T = `(1)/(2)`year
Interest = Rs.`(4000 xx 14 xx 1)/(100 xx 12)`
= Rs.280
And, amount
= Rs.4000 + Rs.280
= Rs.4280
For 2nd half-year : P = Rs.4280, R = 14% and T = `(1)/(2)`year
Interest = Rs.`(4280 xx 14 xx 1)/(100 xx 2)`
= Rs.299.60
And, amount
= Rs.4280 + Rs.299.60
= Rs.4579.60
For 3rd half-year : P = Rs.4579.60, R = 14% and T = `(1)/(2)`year
Interest = Rs.`(4579.60 xx 14 xx 1)/(100 xx 2)`
= Rs.320.572
And, amount
= Rs.4579.60 + Rs.320.572
= Rs.4900.172
Thus, the amount to be paid at the end of 1`(1)/(2)`years is Rs.4900.172.
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