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Question
Calculate the C.I. on Rs. 3,500 at 6% per annum for 3 years, the interest being compounded half-yearly.
Do not use mathematical tables. Use the necessary information from the following:
(1.06)3 = 1.191016; (1.03)3 = 1.092727
(1.06)6 =1.418519; (1.03)6 = 1.194052
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Solution
Given: P = Rs. 3,500; r = 6% and n = 3 years
Since interest is being compounded half-yearly
Then, `"C.I." = "P"[( 1 + r/[ 2 xx 100 ])^(n xx 2)]`
= 3,500`[( 1 + 6/[ 2 xx 100 ])^(3 xx 2)]`
= 3,500`[(206/200)^6]`
= 3,500 × [(1.03)6]
= 3,500 × 1.194052
= ₹ 4179.18
C.I. = A - P
= ₹ 4179.18 – ₹ 3500
= ₹ 679.18
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