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Question
Calculate the amount and compound interest on Rs 62500 for `1 1/2` years at 8% per annum compounded half yearly.
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Solution
Principal (P) = Rs 62,500
Rate = 8% per annum or 4% per half year
Number of years =`1 1/2`
There will be 3 half years in `1 1/2` years.
A = `P(1 + R/100)^n = Rs [62500 (1 + 4/100)^3]`
= Rs `(62500 xx 26/25 xx 26/25 xx 26/25)`
= Rs 70304
C.I. = A − P = Rs 70304 − Rs 62500 = Rs 7,804
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