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Question
Kamal borrowed Rs 57600 from LIC against her policy at \[12\frac{1}{2} \%\] per annum to build a house. Find the amount that she pays to the LIC after \[1\frac{1}{2}\] years if the interest is calculated half-yearly.
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Solution
Given:
P = Rs 57, 600
R = 12 . 5 % p . a .
n = 1 . 5 years\]
When the interest is compounded half - yearly, we have:
\[A = P \left( 1 + \frac{R}{200} \right)^{2n} \]
= Rs \[57, 600 \left( 1 + \frac{12 . 5}{200} \right)^3 \]
= Rs\[57, 600 \left( 1 . 0625 \right)^3 \]
= Rs 69, 089 . 06
Thus, the required amount is Rs 69, 089 . 06 .
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