Kamal borrowed Rs. 57600 from LIC against her policy at 12 1/2 % per a

1.	Kamal borrowed Rs. 57600 from LIC against her policy at 12 1/2 % per annum to build a house. Find the amount that she pays to the LIC after 1 1/2% years if the interest is calculated half-yearly.
Answer» Given, Principal = Rs.57600 Rate \(={12}\frac{1}{2}\text%\) per annum \(=\frac{25}{4}\text%\) = 3 half years Time \(={1}\frac{1}{2}\) years \(=\frac{3}{2}\times{2}\) = 3 half years Hence, Compound interest \(={P}[({1}+\frac{R}{100})^T-{1}]\) \(={57600}{({1}+\frac{25}{4\times100})^3-{1}}]\) \(={57600}{(\frac{17}{16})^3-{1}}]\) \(={57600}\times\frac{817}{4096}\) =Rs. 11489.06 So, Amount that Kamal pays to LIC after \({1}\frac{1}{2}\) years = Rs.(57600 + 11489.06) = Rs.69089.06

Kamal borrowed Rs. 57600 from LIC against her policy at 12 1/2 % per annum to build a house. Find the amount that she pays to the LIC after 1 1/2% years if the interest is calculated half-yearly.

Answer»

Given,

Principal = Rs.57600

Rate \(={12}\frac{1}{2}\text%\) per annum

\(=\frac{25}{4}\text%\) = 3 half years

Time \(={1}\frac{1}{2}\) years

\(=\frac{3}{2}\times{2}\) = 3 half years

Hence,

Compound interest \(={P}[({1}+\frac{R}{100})^T-{1}]\)

\(={57600}{({1}+\frac{25}{4\times100})^3-{1}}]\)

\(={57600}{(\frac{17}{16})^3-{1}}]\)

\(={57600}\times\frac{817}{4096}\) =Rs. 11489.06

So,

Amount that Kamal pays to LIC after \({1}\frac{1}{2}\) years = Rs.(57600 + 11489.06) = Rs.69089.06