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Question
Find the amount and the compound interest on the following :
Rs.25000 for 2 years at 6% per annum compounded semi-annually.
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Solution
Rs.25000 for 2 years at 6% per annum compounded semi-annually.
Here P = Rs.25000, t = 2 years, r = 6%
Since interest is compounded semi-annually, so
Amount
= `"P"(1 + "r"/200)^(2"t")`
= `25000(1 + 6/200)^4`
= `25000(103/100)^4`
= 28137.72
Hence, Amount = Rs.28137.72
Also, C.I.
= A - P
= Rs.28137.72 - Rs.25000
= Rs.3137.72.
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