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Question
Amita wanted to start a business for which she needed Rs, 40000. She borrowed this from Dolly at 10% p.a compounded semi-annually. Find the extra amount that she needs to pay at the end of two years to clear her debt.
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Solution
Amount = `"P"(1 + "r"/200)^(2"t")`
Amount = `40000 (1 + 10/200)^4` = Rs 48620.25
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