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Question

Kamal borrowed Rs 57600 from LIC against her policy at 1212% per annum to build a house. Find the amount that she pays to the LIC after 112 years if the interest is calculated half-yearly.

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Solution

Given: P=Rs 57,600R=12.5% p.a.n=1.5 yearsWhen the interest is compounded half-yearly, we have: A=P1+R2002n =Rs 57,6001+12.52003 =Rs 57,6001.06253 =Rs 69,089.06Thus, the required amount is Rs 69,089.06.

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