Sum
Prerna borrowed Rs.16000 from a friend at 15 % p.a. compound interest. Find the amount , to the nearest rupees, that she needs to return at the end of 2.4 years to clear the debt.
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Solution
`"C"_1 = (16000 xx 15 xx 1)/100 = 2400`
`"P"_1 = 18400`
`"C"_2 = (18400 xx 15 xx 1)/100 = 2760`
`"P"_2 = 21160`
`"C"_3 = (21160 xx 15 xx 1)/400 = 7935`
`"P"_3 = 29095`
Concept: Concept of Compound Interest - Compound Interest as a Repeated Simple Interest Computation with a Growing Principal
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