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Question
Find the compound interest on Rs 1000 at the rate of 8% per annum for \[1\frac{1}{2}\] years when interest is compounded half-yearly.
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Solution
Given:
P = Rs 1, 000
R = 8 % p . a .
n = 1 . 5 years
We know that:
\[A = P \left( 1 + \frac{R}{200} \right)^{2n} \]
\[ = 1, 000 \left( 1 + \frac{8}{200} \right)^3 \]
\[ = 1, 000 \left( 1 . 04 \right)^3 \]
= Rs 1, 124 . 86
Now,
CI = A - P
= Rs 1, 124 . 86 - Rs 1, 000
= Rs 124 . 86
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