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Question
Mr.Mohan invested Rs. 12500 at 16 % p.a. compounded annually. If the duration of the deposite was 1.5 years , find the amount Mr.Mohan received at the end of 1.5 years.
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Solution
Amount = `"P"(1 + "r"/100)^"t"`
Amount = `12500 (1 + 16/100)^1.5` = Rs 15660
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