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Question
The compound interest on ₹ 8000 at 10% p.a for 1 year, compounded half yearly is ____________
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Solution
₹ 820
Explanation;
Hint:
Compound interest (C.I.) = Amount – Principal
Amount = `"P"(1 + "r"/100)^(2"n")` ...[2n as it is compounded half yearly]
r = 10% p.a, for half yearly r = `10/2` = 5
∴ A = `8000(1 + 5/100)^(2 xx 1)`
= `8000 xx (105/100)^2`
= 8820
C.I. = Amount – Principal
= 8820 – 8000
= ₹ 820
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