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Question
Vasudevan invested Rs 60000 at an interest rate of 12% per annum compounded half yearly. What amount would he get
(1) after 6 months?
(2) after 1 year?
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Solution
1) P = Rs 60,000
Rate = 12% per annum = 6% per half year
n = 6 months = 1 half year
A = `P(1 + R/100)^n`
= Rs `[60000(1+6/100)^1] = Rs (60000 xx 106/100) = Rs 63600`
2) There are 2 half years in 1 year.
n = 2
A = Rs `[60000(1 + 6/100)^2] = Rs (60000 xx 106/100 xx 106/100) = Rs 67416`
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