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Find the compound interest on Rs. 1000 at the rate of 8% per annum for 1 1/2 years when interest is compounded half yearly. |
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Answer» Given details are, Principal (p) = Rs 1000 Rate (r) = 8% Time = 1 ½ years = 3/2 × 2 = 3 half years By using the formula, A = P (1 + R/100) n = 1000 (1 + 8/100)3 = 1000 (208/100)3 = Rs 1124.86 ∴ Compound Interest = A – P = Rs 1124.86 – Rs 1000 = Rs 124.86 |
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