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Question
Calculate the amount and compound interest on Rs 8000 for 1 year at 9% per annum compound half yearly. (You could use the year by year calculation using SI formula to verify)
Solution
Principal (P) = Rs 8000
Rate of interest = 9% per annum or `9/2` % per half year
Number of years = 1 year
There will be 2 half years in 1 year.
`A = P(1 + R/100)^n`
= `Rs [8000(1 + 9/200)^2]`
= Rs `[8000(209/200)^2] = Rs 8736.20`
C.I. = A − P = Rs 8736.20 − Rs 8000 = Rs 736.20
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