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Question
If the interest is compounded half yearly, calculate the amount when the Principal is Rs. 7,400, the rate of interest is 5% per annum and the duration is one year.
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Solution
For half yearly payable
A = P `(1 + r/(2 xx 100))^(2 xx n)`
where P is principal r is rate p.a. and n is time in years.
A = 7400 `(1 + 5/200)^2`
= 7400 x `(205)/(200) xx (205)/(200)`
= ₹ 7774·63.
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