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Question
Calculate the amount and the compound interest for the following, when cornpounded half-yearly:
Rs 25,000 for `1 1/2` years at 12 %
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Solution
P = Rs 25,000 ; t =`1 1/2` years ; r = 12 % p.a. = 6 % half-early.
`"A" = "P" (1 + "r"/100)^"n"`
A = Rs 25000 `(1 + 6/100)^2 (1 + 12/100)^(1/2)`
=Rs 25,000 x 1.06 x 1.06 x `(1 + 1/2 xx 12/100)`
= Rs 25, 000 x 1. 06 x 1.06 x 1.06
= Rs29, 775.40
C.l. = A - P
= Rs (29,775.40 - 25, 000)
=Rs 4,775.40
Hence, Amount= Rs 29,775.40 and C.I. =Rs 4,775.40
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