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Question
Find the amount and compound interest on Rs.7500 for 1`(1)/(2)` years at 8%, payable semi-annually.
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Solution
Here P1 = Rs.7500 and rate of interest for half year (r) = 4%
So, Amount after `(1)/(2)` year
= `"P"(1 + "r"/100)`
= `7500(1 + 4/100)`
= `7500 xx (104)/(100)` = 7800
Thus, P2 = Rs.7800 and r = 4%
Amount after 1 year
= `"P"(1 + "r"/100)`
= `7800(1 + 4/100)`
= `7800 xx (104)/(100)` = 8112
Thus, P3 = Rs.8112 and r = 4%
Amount after 1`(1)/(2)` year
= `"P"(1 + "r"/100)`
= `8112(1 + 4/100)`
= `8112 xx (104)/(100)` = 8436.48
Hence, Amount = Rs.8436.48
Also, C.I.
= A - P
= Rs.8436.48 - Rs.7500
= Rs.936.48.
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