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To purchase seeds ,a farmer borrowed some money from a bank ,He cleared his debts by paying 4720 at the end of one and a half year .if thebamk charges interest at 12% per annum ,Find the cost of the seeds |
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Answer» Answer is in 2 parts Explanation: To purchase seeds ,a farmer borrowed some money from a bank ,He cleared his debts by paying 4720 at the end of ONE and a half year .if thebamk charges interest at 12% per annum ,Find the cost of the seeds A = Rs 4720 R = 12% p. a T = 1 ½ years = 3/2 years Recall the formula, A = P[1 + (TR/100)] = 4720[ 1 + (3 × 12)/200] = 6419.20 Hence the cost of the cow is Rs 6419.20 |
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