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Question
Find the amount and the compound interest on the following :
Rs.12000 for 1`(1)/(2)` years at 5% per annum compounded annually.
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Solution
Rs.12000 for 1`(1)/(2)` years at 5% per annum compounded annually.
Here P = Rs.12000, t = 1`(1)/(2)` years, r = 5%
Now, Amount after 1 year
= `"P"(1 + "r"/100)^"t"`
= `12000(1 + 5/100)`
= `12000(105/100)`
= 12600
Now interest for the next half year
= `(12600 xx 5)/(100 xx 2)`
= 315
Hence, Amount
= Rs.12600 + Rs.315
= Rs.12915
Also, C.I.
= A - P.
= Rs.12915 - Rs.12000
= Rs.915.
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