Question

Kamal borrowed Rs 57600 from LIC against her policy at per annum to build a house. Find the amount that she pays to the LIC after years is the interest is calculated half-yearly.

Answer 1

To calculate the amount Kamal pays to LIC after 'x' years, we need to use the formula for compound interest. However, since we don't have the value of 'r', it is not possible to calculate the amount Kamal pays to LIC after 'x' years.

Step-by-step explanation:

To calculate the amount Kamal pays to LIC after 'x' years, we need to use the formula for compound interest:

A = P(1 + r/n)^(nt)

Where:

• A = the final amount
• P = the principal amount (loan amount)
• r = annual interest rate (in decimal form)
• n = number of times interest is compounded per year
• t = number of years

In this case, Kamal borrows Rs 57,600 at an annual interest rate of 'r'% that is calculated half-yearly. Since we don't have the value of 'r', it is not possible to calculate the amount Kamal pays to LIC after 'x' years.