Answer:
Amount (A) = Rs. 26,134.43819
Step-by-step explanation:
Ramani borrows Rs. 25,000 for 180 days at 9% annual interest compounded daily.
Principal (P) = Rs. 25,000
Rate (r) = 9% annual interest = 0.09
Number of times interest applied per year (n) = 365 days
Number of time periods in 1 year (t) = 180/365
Compound interest formula;
Amount (A) = P(1 + [tex]\frac{r}{n}[/tex][tex])^{nt}[/tex]
A = 25,000(1 + [tex]\frac{0.09}{365})^{365(180/365)}[/tex] = Rs. 26,134.43819
