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Calculate the compound interest on Rs. 6000 for 1 year at the rate of 8% compound interest per annum compounded at the interval of 6 months. |
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Answer» Here the principal is Rs. 6000 and the rate of compound inteest is 8% per annum. Since the interest is compounded at the interval of 6 months, the period of time is 2 and the time is 1 year. `:.` The required amount `=Rs. 6000xx(1+(8/2)/100)^(2xx1)` `=Rs. 6000xx(1+1/25)^(2)` `=Rs. 6000xx(26/25)^(2)` `=Rs. 6000xx26/25xx26/25=Rs. 6489.60` `:.` The compound interest `=Rs.(6489.40-6000)=Rs. 489.40` Hence the compound interest `=Rs. 489.40` |
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