dheepty0103
Answered

Westonci.ca is the best place to get answers to your questions, provided by a community of experienced and knowledgeable experts. Join our platform to connect with experts ready to provide accurate answers to your questions in various fields. Our platform provides a seamless experience for finding reliable answers from a network of experienced professionals.

Mike borrowed a sum of rs 9450 for 5 years at a rate of 6% per year. calculate the total amount that he had to pay.

Sagot :

hnori22003

First year :

9450 + 9450 × ( 6 / 100 ) =

9450 + ( 9450 × 6 / 100 ) =

9450 + ( 56700 / 100 ) =

9450 + 567 =

Rs 10,017

_____________________________

Second year :

10,017 + 10,017 × ( 6 / 100 ) =

10,017 + ( 10,017 × 6 / 100 ) =

10,017 + ( 60,102 / 100 ) =

10,017 + 601.02 =

Rs 10,618.02

______________________________

Third year :

10,618.02 + 10,618.02 × ( 6 / 100 ) =

10,618.02 + ( 10,618.02 × 6 / 100 ) =

10,618.02 + ( 63,708.12 / 100 ) =

10,618.02 + 637.0812 =

Rs 11,255.1012

_______________________________

4th year :

11,255.1012 + 11,255.1012 × ( 6 / 100 ) =

11,255.1012 + ( 11,255.1012 × 6 / 100 ) =

11,255.1012 + ( 67,530.6072 / 100 ) =

11,255.1012 + 675.306072 =

Rs 11,930.407272

_______________________________

5th year :

11,930.407272 + 11,930.407272 × ( 6 / 100 )

=11,930.407272 +( 11,930.407272 × 6 / 100)

= 11,930.407272 + ( 71,582.443632 / 100 )

= 11,930.407272 + 715.82443632

= Rs 12,646.23170832

_______________________________

Thus Mike have to pay approximately Rs 12,646 after 5 years.

Ankit

A =?

P= 9456

r = 6% = 0.06

t = 5 yrs

Formula

A= P(1+r)^t

A= 9456×1.06⁵

A = 12646.23

the total amount that he had to pay was 12646 rs

We appreciate your visit. Hopefully, the answers you found were beneficial. Don't hesitate to come back for more information. We appreciate your visit. Our platform is always here to offer accurate and reliable answers. Return anytime. Westonci.ca is your go-to source for reliable answers. Return soon for more expert insights.