amount will he get on maturity?
5. Michael borrowed Rs 16000 from a finance company at 10% per annum, compounded hal-
amount of money will discharge his debt after 1-years?
Calculating compound interest by using formulae
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amount will he get on maturity?
5. Michael borrowed Rs 16000 from a finance company at 10% per annum, compounded hal-
amount of money will discharge his debt after 1-years?
Calculating compound interest by using formulae
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Verified answer
Answer:
17600
Step-by-step explanation:
Formula
p*(1+n/100)^t
P=primary number
n=rate of annum/ interest rate
t=time/years