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Question
Find the amount and compound interest on Rs.50000 on 1`(1)/(2)` years at 8% p.a. compounded half-yearly.
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Solution
Here P = Rs50000, t = 1`(1)/(2)` years, r = 8%
Since interest is compounded half-yearly, so
Now, Amount
= `"P"(1 + "r"/200)^(2"t")`
= `50000(1 + 8/200)^3`
= `50000(104/100)^3`
= 56243.20
Hence, Amount = Rs.56243.20
Also, C.I.
= A - P.
= Rs.56243.20 - Rs.50000
= Rs.6243.20.
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