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Hari borrowed a sum of Rs 1000 at 105 p.a compounded semi-annually in April 2011.What was the full and final amount that he paid back in April 2012?




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P = 1000
R = 10.5%
T = 1 year (from April 2011 to April 2012)
n = 2  (as it is compounded semi-annually)
Amount = ?

A=P(1+ \frac{r}{n} )^{nT}=1000*(1+ \frac{10.5}{2*100} )^{2*1}\\A=1000*(1+0.0525)^2\\A=1000*(1.0525)^2\\A=\boxed{Rs.\ 1107.75}

So he has to pay Rs. 1107.75.
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