Q. 84.8( 4 Votes )
Out of the four options, only one is correct. Write the correct answer.
Ashima took a loan of Rs 1,00,000 at 12% p.a. compounded half yearly. She paid Rs 1,12,360. If (1.06)2 is equal to 1.1236, then the period for which she took the loan is
A. 2 years
B. 1 year
C. 6 months
Given principal (P) = ₹100000
Rate of interest (R%) = 12% per annum compounded half – yearly
Let m be the time period.
Amount paid = ₹112360
We know that,
When amount is interested compounded half – yearly
i.e A = P, where n = time period
⇒ 112360 = 100000
On comparing both sides, we get
2m = 2
⇒ m = 1
So, the time period is 1 yr.
Hence, option (b) is correct.
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