Wahida borrowed Rs. 25000 for 1 year 5 months at 12% per annum compounded yearly. Find the amount Wahida paid to settle the account.

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₹ 28000

₹ 29400

₹ 32000

₹ 36400

answer is B.

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Detailed Solution

After one year interest will be added to the loan amount.
The total amount after one year will be,

A = P {(1 + \frac{R}{100})}^{n} = 25000 {(1 + \frac{12}{100})}^{1} = 25000 (\frac{112}{100}) = 28000

The interest of 5 months is

\frac{28000 \times 12 \times \frac{5}{12}}{100} = 1400

Total amount after 1 year and 5 month is 28000 + 1400 = Rs 29400.

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