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Question
Calculate the amount and compound interest on Rs 10000 for 1 year at 8% per annum compounded half yearly.
Solution
Principal (P) = Rs 10,000
Rate = 8% per annum or 4% per half year
Number of years = 1 year
There are 2 half years in 1 year.
A = `P(1 + R/100)^n`
= `Rs [10000(1 + 4/100)^2] = Rs [10000(1 + 4/100)^2] = Rs [10000(1 + 1/25)^2]`
= Rs `(10000 xx 26/25 xx 26/25)`
= `Rs 10816`
C.I. = A − P = Rs 10816 − Rs 10000 = Rs 816
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